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National Credit Default Rates Decreased in December 2013 According to the S&P/Experian Consumer Credit Default Indices
Wednesday, January 22, 2014 7:00 AM

Data through December 2013, released this week by S&P Dow Jones Indices and Experian shows a decline in national default rates during the month. The national composite was 1.35 percent in December, a slight decrease from 1.37 percent in November.

The first mortgage default rate was 1.27 percent in December, marginally down from 1.28 percent last month. The second mortgage posted 0.76 percent in December, down from 0.78 percent in November. The auto loan default rate was 1.12% in December, down from 1.15 percent in the previous month. The bank card rate rose to 2.98 percent, slightly higher than its historic low of 2.97 percent set in the past two months.

Across all categories default rates are continuing a downward trend. Other data confirm the improving trends: mortgage foreclosures were sharply lower in 2013 compared to 2012, the Federal Reserve’s measure of consumer debt service as a percentage of income is at a record low and consumer credit usage is expanding. The indices remain at pre-financial crisis levels.

The table below summarizes the December 2013 results for the S&P/Experian Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.

S&P/Experian Consumer Credit National Default Indices

The table below provides the S&P/Experian Consumer Default Composite Indices for the five MSAs:

Metropolitan Consumer Default Indices