Bank Card Default Rate Lower for Third Consecutive Month
NEW YORK, SEPTEMBER 15, 2020: S&P Dow Jones Indices and Experian released today data through August 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 up one basis point to 0.67%. The bank card default rate fell 41 basis points to 3.45%. The auto loan default rate rose 6 basis points to 0.53% and the first mortgage default rate was 4 basis points higher at 0.48%.
Four out of the five major metropolitan statistical areas (“MSAs”) showed higher default rates compared to last month. Miami showed the largest increase, up 16 basis points to 1.99%. New York was 10 basis points higher at 0.96%, while Dallas fose four basis points to 0.65%. The rate for Los Angeles increased one basis point to 0.765%. Chicago was the only MSA showing a decrease, down one basis point to 0.65%.
The table below summarizes the August 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.
