S&P/Experian Consumer Credit Default Indices Show Fifth Straight Drop In Composite Rate In August 2021
Thursday, September 23rd, 2021
S&P Dow Jones Indices and Experian released today data through August 2021 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 one basis point lower at 0.39%. The bank card default rate fell 16 basis points to 2.35%. The auto loan default rate was up three basis points to 0.34% and the first mortgage default rate was unchanged at 0.27%.
Three of the five major metropolitan statistical areas ("MSAs") showed higher default rates compared to last month. Chicago had the largest increase, up four basis points to 0.43%. New York rose two basis points to 0.44% while Dallas was one basis point higher at 0.41%. Los Angelesdropped two basis points to 0.34% while Miami fell three basis points to 0.88%.
The table below summarizes the August 2021 results for the S&P/Experian Consumer Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.
Index Levels – National Indices |
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Index |
August 2021 |
July 2021 |
August 2020 |
Composite |
0.39 |
0.40 |
0.67 |
First Mortgage |
0.27 |
0.27 |
0.48 |
Bank Card |
2.35 |
2.51 |
3.45 |
Auto Loans |
0.34 |
0.31 |
0.53 |
Source: S&P/Experian Consumer Credit Default Indices |
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Data through August 2021 |
The table below provides the index levels for the five major MSAs tracked by the S&P/Experian Consumer Credit Default Indices.
Index Levels – Major MSAs |
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MSA |
August 2021 |
July 2021 |
August 2020 |
New York |
0.44 |
0.42 |
0.96 |
Chicago |
0.43 |
0.39 |
0.66 |
Dallas |
0.41 |
0.40 |
0.65 |
Los Angeles |
0.34 |
0.36 |
0.76 |
Miami |
0.88 |
0.91 |
1.99 |
Source: S&P/Experian Consumer Credit Default Indices |
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Data through August 2021 |
For more information about S&P Dow Jones Indices, please visit www.spdji.com.