NEW YORK, JULY 21, 2020: S&P Dow Jones Indices and Experian released today data through June 2020 for the S&P/Experian Consumer Credit Default Indices. The indices represent a comprehensive measure of changes in consumer credit defaults and show that the composite rate was 12 basis points lower at 0.66%. The bank card default rate fell 17 basis points to 4.23%. The auto loan default rate dropped 16 basis points to 0.40% and the first mortgage default rate fell 11 basis points to 0.41%.
Four out the five major metropolitan statistical areas ("MSAs") showed lower default rates compared to last month. Chicago showed the largest decrease, down 14 basis points to 0.69%. Dallas fell 13 basis points to 0.66%, while New York dropped nine basis points to 0.74%. Miami was three basis points lower, at 1.40%. Los Angeles was the only MSA with a higher rate, rising two basis points to 0.72%.