First mortgage default rate drives increase in national credit default rate

January 21, 2013 by admin

The December release of the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed the national composite* increased for the second consecutive month, reaching 1.64 percent in November. The first mortgage default rate also continued its increase, moving from 1.47 percent in October to 1.58 percent in November. All other loan types – auto loans, bankcard and second mortgage – posted decreases in their default rates in November.

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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.