S&P Dow Jones Indices and Experian released data through September 2022 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 unchanged for the past three months at 0.57%. The bank card default rate fell three basis points to 2.38%. The auto loan and first mortgage default rates were unchanged at 0.72% and 0.42%, respectively.
All five major metropolitan statistical areas (“MSAs”) showed lower default rates compared to last month. Miami had the largest decline, down 17 basis points to 0.99%. Chicago was nine basis points lower at 0.61, and Los Angeles was down seven basis points to 0.38. Dallas dropped five basis points to 0.64, and New York fell by one basis point to 0.57.
The table below summarizes the September 2022 results for the S&P/Experian Consumer Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.
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