Data through August 2013, released today by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed decrease in national default rates during the month. The national composite was 1.34% in August, marginally down from 1.35% in July. The first mortgage default rate was 1.23% this month, down from 1.25% posted last month. The second mortgage posted 0.57% in August, up from 0.54% July rate. The auto loan default rate reported 1.11% in August, up from a 1.03% previous month's level. The bank card rate hit a new low of 3.12% in August; it was 3.22% in July. 

"Consumer credit quality continues to look healthy," says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Dow Jones Indices. "The indices are back to pre-financial crisis levels and are stable. The national composite and the first mortgage posted recent lows in August; they were 1.34% and 1.23%, marginally down from the last month's rates. The second mortgage posted 0.57%, three basis points up from July low. Auto loan default rate was 1.11%, eight basis points up from the last month. Bank card default rate hit a new low of 3.12%, ten basis points down from July level and 65 basis points down from the level posted in August 2012. All loan types remain below their respective levels a year ago.

"Two cities, New York and Los Angeles, saw their default rates drop in August while three cities – Chicago, Dallas and Miami – saw increases. All moves were small. All five cities remain below default rates they posted a year ago, in August 2012."

The table below summarizes the August 2013 results for the S&P/Experian Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.

The table below provides the S&P/Experian Consumer Default Composite Indices for the five MSAs: