Auto Default Rate Rises

By Staff Writer June 22, 2022

S&P Dow Jones Indices and Experian released data through May 2022 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 rose one basis point to 0.51%. The auto loan default rate rose three basis points to 0.61% while the first mortgage default rate was up one basis point to 0.36%. The bank card default rate fell three basis points to 2.49%.

Two of the five major metropolitan statistical areas showed higher default rates compared to last month. Los Angeles had the largest increase, up seven basis points to 0.45%. Miami rose four basis points to 0.84% while New York dropped one basis point to 0.77%. Chicago and Dallas were both unchanged at 0.53% and 0.52% respectively.

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Last modified on Wednesday, 22 June 2022 13:10