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National Credit Default Rates Decreased in August 2013, According to the S&P/Experian Consumer Credit Default Indices
Wednesday, September 18, 2013 6:50 AM

Data through August 2013, released yesterday by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed decrease in national default rates during the month.

The national composite was 1.34 percent in August, marginally down from 1.35 percent in July. The first mortgage default rate was 1.23 percent this month, down from 1.25 percent posted last month. The second mortgage posted 0.57 percent in August, up from 0.54 percent July rate. The auto loan default rate reported 1.11 percent in August, up from a 1.03 percent previous month’s level. The bank card rate hit a new low of 3.12 percent in August; it was 3.22 percent in July.

“Consumer credit quality continues to look healthy”, says David M. Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones Indices. “The indices are back to pre-financial crisis levels and are stable.”

Two cities, New York and Los Angeles, saw their default rates drop in August while three cities – Chicago, Dallas and Miami – saw increases. All moves were small, and all five cities remain below default rates they posted a year ago, in August 2012.