According to a recent survey released by S&P Dow Jones Indices and Experian, the national consumer credit default rates declined in May from April. This month, the national composite posted at 1.04 percent, making it the lowest default rate since 2006. While mortgage default rates decreased, both bank card and auto default rates showed an increase over April.
David. M. Blitzer, chairman, and director of the S&P Dow Jones Indices index committee noted, “Consumer credit default rates decreased for their seventh consecutive month. The national composite is now only one basis point above its historic low. Mortgage default rates saw the biggest decline when compared to auto and bank card rates.”
After hitting record low default rates in March and April, the auto loan rate increased by one basis point to 0.93 percent. The bank card default rate accelerated by 13 basis points over April to 2.97 percent.
“New York was the only city to see its default rate increase but it showed the largest drop-off from one year ago. Dallas posted a new historic low of 0.77% while Chicago, Los Angeles, and Miami are at their lowest default rates since the start of the last recession. Miami continues to maintain the highest default rate of 1.74% while Dallas maintains the lowest rate of 0.77%. All five cities – Chicago, Dallas, Los Angeles, Miami, and New York – remain below default rates seen a year ago,” continues Blitzer.
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