S&P Dow Jones Indices and Experian released today data through October 2021 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 fell one basis point to 0.38%. The bank card default rate dropped 10 basis points to 2.01%. The auto loan default rate was up three basis points to 0.38% and the first mortgage default rate was one basis point lower at 0.26%.
Three of the five major metropolitan statistical areas (“MSAs”) showed lower default rates compared to last month. Miami had the largest decline, down seven basis points to 0.73%. New York fell four basis points to 0.36% while Los Angeles dropped one basis point to 0.30%. Chicago was two basis points higher at 0.45% while Dallas was up seven basis points to 0.50%.
The table below summarizes the October 2021 results for the S&P/Experian Consumer Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.
Jointly developed by S&P Dow Jones Indices LLC and Experian, the S&P/Experian Consumer Credit Default Indices are published on the third Tuesday of each month at 9:00 am ET. They are constructed to track the default experience of consumer balances in four key loan categories: auto, bankcard, first mortgage lien and second mortgage lien. The Indices are calculated based on data extracted from Experian’s consumer credit database. This database is populated with individual consumer loan and payment data submitted by lenders to Experian every month. Experian’s base of data contributors includes leading banks and mortgage companies, and covers approximately $11 trillion in outstanding loans sourced from 11,500 lenders.
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