Credit Default Rates Increase Nationally
Data through September 2013, released by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices showed increase in national default rates during the month. The national composite was 1.38 percent in September, slightly up from 1.34 percent posted in August. The first mortgage default rate was 1.28 percent this month, up from 1.23 percent posted last month. The second mortgage posted 0.69 percent in September, up from 0.57 percent August rate. The auto loan default rate reported 1.15 percent in September, up from a 1.11 percent previous month level. The bank card rate posted 3.14 percent in September; marginally up from 3.12 percent August rate.
“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 remain at pre-financial crisis levels and are stable. The national composite and the first mortgage were slightly up in September; they were 1.38 percent and 1.28 percent, marginally up from the recent lows posted last month. The second mortgage posted 0.69 percent, twelve basis points up from its August level. Auto loan default rate was 1.15 percent, four basis points up from the last month. Bank card default rate was 3.14 percent, marginally up from the last month low. All loan types remain below their respective levels a year ago.
“Two cities, New York and Dallas, saw their default rates rise in September while three cities – Chicago, Los Angeles and Miami – saw decreases. All moves were small. The spread between the highest rate (Miami at 2.11 percent) and the lowest one (Dallas at 1.23 percent) is getting smaller.”
FMJ Job Listings
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