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National Credit Default Rates Fall, Experian Reports
Monday, March 24, 2014 6:55 AM

Data through February 2014, released today 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 decline in national default rates during the month. All of the five national indices showed a drop-off for the month of February.

The national composite posted 1.30 percent in February, its lowest rate since August 2006, and the first mortgage default rate was 1.23 percent in February, down from 1.26 percent last month. The second mortgage posted 0.69 percent in February, down from 0.72 percent in January. The auto loan default rate was 1.03 percent in February, down from 1.11 percent in the previous month. The bank card rate of 2.83 percent is a new historic low beating out the previous low of 2.97 percent set in October 2013.

Four out of the five cities saw default rate decreases. Dallas was the only city to see an increase in default rates; it posted 1.16 percent, 2 basis points higher than last month’s level.