S&P/EXPERIAN CONSUMER CREDIT DEFAULT INDICES SHOW EIGHTH CONSECUTIVE RISE IN COMPOSITE RATE IN JULY 2022
08/16/2022 - 11:30 AM
First Mortgage Default Rate at Highest Since September 2020
NEW YORK Aug. 16, 2022 July 2022 for the S&P/Experian Consumer Credit Default Indices. The indices represent a comprehensive measure of changes in consumer credit defaults and show that the composite rate rose four basis points to 0.57% . The bank card default rate fell 11 basis points to 2.44% . The auto loan default rate was four basis points higher at 0.66% while the first mortgage default rate was up four basis points to 0.42% .
Four of the five major metropolitan statistical areas ("MSAs") showed higher default rates compared to last month. Miami had the largest increase, up 14 basis points to 1.13% . Chicago rose nine basis points to 0.67% . Los Angeles was six basis points higher, at 0.52% , while Dallas increased five basis points to 0.62% . New York dropped six basis points to 0.65% .
The table below summarizes the July 2022 results for the S&P/Experian Consumer Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.
Index Levels – National Indices
Index
July 2022
June 2022
July 2021
Composite
0.57
0.53
0.40
First Mortgage
0.42
0.38
0.27
Bank Card
2.44
2.55
2.51
Auto Loans
0.66
0.62
0.31
Source: S&P/Experian Consumer Credit Default Indices
Data through July 2022
The table below provides the index levels for the five major MSAs tracked by the S&P/Experian Consumer Credit Default Indices.
Index Levels – Major MSAs
MSA
July 2022
June 2022
July 2021
New York
0.65
0.71
0.42
Chicago
0.67
0.58
0.39
Dallas
0.62
0.57
0.40
Los Angeles
0.52
0.46
0.36
Miami
1.13
0.99
0.91
Source: S&P/Experian Consumer Credit Default Indices
Data through July 2022
For more information about S&P Dow Jones Indices, please visit www.spglobal.com/spdji/en/ .
ABOUT THE S&P/EXPERIAN CONSUMER CREDIT DEFAULT INDICES
Jointly developed by S&P Dow Jones Indices LLC and Experian, the S&P/Experian Consumer Credit Default Indices are published on the third Tuesday of each month at 9:00 am ET . They are constructed to track the default experience of consumer balances in four key loan categories: auto, bankcard, first mortgage lien and second mortgage lien. The Indices are calculated based on data extracted from Experian's consumer credit database. This database is populated with individual consumer loan and payment data submitted by lenders to Experian every month. Experian's base of data contributors includes leading banks and mortgage companies, and covers approximately $11 trillion
For more information, please visit: www.spindices.com/indices/indicators/sp-experian-consumer-credit-default-composite-index .
ABOUT S&P DOW JONES INDICES
S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average® . More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing across the spectrum of asset classes helping to define the way investors measure and trade the markets.
S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/ .
ABOUT EXPERIAN
Experian is the world's leading global information services company. During life's big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.
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FOR MORE INFORMATION: spdji.comms@spglobal.com
April Kabahar Head of CommunicationsNew York, USA april.kabahar@spglobal.com
Lauren Davis New York, USA lauren.davis@spglobal.com
Annie Russell annie.russell@experian.com
https://www.prnewswire.com/news-releases/spexperian-consumer-credit-default-indices-show-eighth-consecutive-rise-in-composite-rate-in-july-2022-301606798.html
SOURCE S&P Dow Jones Indices
