NEW YORK, NOVEMBER 17, 2020: S&P Dow Jones Indices and Experian released today data through October 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 down 10 basis points to 0.53%. The bank card default rate fell 20 basis points to 2.80%. The auto loan default rate rose three basis points to 0.59% and the first mortgage default rate was 11 basis points lower at 0.35%.
All five major metropolitan statistical areas (“MSAs”) showed lower default rates compared to last month. Miami showed the largest decrease, down 67 basis points to 1.13%. New York was 30 basis points lower at 0.58%, while Los Angeles fell 18 basis points to 0.53%. The rate for Chicago dropped seven basis points to 0.58% while Dallas was one basis point lower at 0.61%.
The table below summarizes the October 2020 results for the S&P/Experian Consumer Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.
The table below provides the index levels for the five major MSAs tracked by the S&P/Experian Consumer Credit Default Indices.