The November release of the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed that most loan types saw an increase in default rates in October. After nine consecutive months of declining default rates, the national composite1 increased to 1.55 percent in October from the 1.46 percent September rate. The first mortgage default rate increased from 1.36 percent in September to 1.47 percent in October. Bankcard default rates posted the lowest post recession rate in October (3.68 percent), compared with 3.70 percent in September.
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Source: S&P/Experian Consumer Credit Default Indices press release.
*The national composite is the overall consumer default rate across all products.
