Bank card default rate at its highest since April 2021
NEW YORK, FEBRUARY 21, 2023: S&P Dow Jones Indices and Experian released today data through January 2023 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 six basis points higher at 0.69%. The bank card default rate was 27 basis points higher at 3.04% while the auto loan default rate was up 7 basis points to 0.94%. The first mortgage default rate increased five basis points to 0.48%.
Three of the five major metropolitan statistical areas (“MSAs”) showed higher default rates compared to last month. Dallas had the largest increases, up 11 basis points to 0.73%. Chicago rose 10 basis points to 0.89% and Miami was up eight basis points to 0.86%. Los Angeles was unchanged at 0.40% while New York was down four basis points to 0.61%.
The table below summarizes the January 2023 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.
