Auto Default Rate Rises

By Staff Writer August 21, 2022 480

S&P Dow Jones Indices and Experian recently released data through July 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 auto loan default rate was four basis points higher at 0.66% while the first mortgage default rate was up four basis points to 0.42%. The bank card default rate fell 11 basis points to 2.44%.

 The composite rate rose four basis points to 0.57%.

Four of the five major metropolitan statistical areas showed higher default rates compared to last month. Miami had the largest increase, up 14 basis points to 1.13%. Chicago rose nine basis points to 0.67%. Los Angeles was six basis points higher, at 0.52%, while Dallas increased five basis points to 0.62%. New York dropped six basis points to 0.65%.

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Last modified on Sunday, 21 August 2022 16:09