S&P/Experian Consumer Credit Default Indices Show Drop in Composite Rate in March 2020
Bank Card Default Rate Higher For Fifth Consecutive Month
NEW YORK (STL.News) S&P Dow Jones Indices and Experian released today data through March 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 three basis points lower at 0.99%. The bank card default rate rose 53 basis points to 3.94%. The auto loan default rate dropped eight basis points to 0.81% and the first mortgage default rate fell seven basis points to 0.77%.
Four of the five major metropolitan statistical areas (“MSAs”) showed lower default rates compared to last month. Miami showed the largest decrease, down 23 basis points to 1.43%. Los Angeles dropped nine basis points to 0.71%. New York and Dallas each fell one basis point, to 0.99% and 1.01% respectively. Chicago was the only major MSA that did not decrease, with a default rate of 1.21% unchanged from last month.
NOTE: this is NOT the complete release.