rates for most types of consumer loans were down slightly in February compared
to January and in every case were substantially below levels of February 2012. The composite S&P Experian National
Consumer Credit Default Index was 1.55 percent in February, down from 1.63
percent in January and 2.09 percent in February of last year.
the individual loan indices only second mortgage and auto loan defaults were
higher in February than in the previous month and those moved up only
marginally. Auto loans were at 1.11
percent compared to 1.10 percent in January and second mortgages rose two basis
points to 71 percent. Second mortgages
had a default index of 1.20 percent and auto loans 1.22 percent in February
first mortgage default rate fell from 1.58 percent in January to 1.48 percent
in February. That rate was at 2.02
percent a year earlier. Bank cards had a
rate of 3.37 percent, down from 3.41 percent in January and 4.41 percent in
"Consumer credit quality remains healthy", says David M. Blitzer, Managing Director and Chairman
the Index Committee for S&P Dow Jones Indices. "These trends are consistent with other economic news - improvements in employment and overall economic activity and continuing gains in housing. Additionally, foreclosure activity continues to decline
even though it remains at elevated levels compared to the period before the financial crisis.
additional to the national indices Experian tracks five major cities all of
which have improved in their composite default rates since February 2012. Compared to January New York was down 12
basis points, Los Angeles 18 basis points, and Miami 24 although Miami had by
far the highest rate at 3.21 percent.
Chicago ticked up one basis point to 2.08 percent and Dallas rose from
1.19 percent to 1.26 percent.