After reaching post-recession lows in June, the July S&P/Experian Consumer Credit Default Indices showed that default rates increased slightly in several categories. While the national composite,* first mortgage and auto loan default rates all increased, the bankcard default rate continued to decline and hit a new low of 3.22%.
|
S&P/Experian Consumer Credit Default |
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| Index |
July 2013 |
June 2013 |
July 2012 |
| Composite* |
1.35 |
1.34 |
1.51 |
| First Mortgage |
1.25 |
1.23 |
1.41 |
| Second Mortgage |
0.54 |
0.54 |
0.75 |
| Bank Card |
3.22 |
3.41 |
3.83 |
| Auto Loans |
1.03 |
1.00 |
1.01 |
|
Source: S&P/Experian Consumer Credit Default Indices |
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Source: National Credit Default Rates Marginally Increased in July 2013
*The national composite is the overall consumer default rate across all products.
