Data through June 2014, 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 decline in default rates. The national composite posted 1.02% in June, its lowest default rate in over 10 years of history. Auto and bank card saw their default rates increase while first mortgage continued its decline. After eight consecutive months of rate declines, the first mortgage default rate fell to 0.89%. The bank card default rate rose to 3.02% in June, its third consecutive increase from its historical low inMarch 2014. The auto default rate continues to remain stable around one percent as it posted 0.96% in June.

"Consumer credit default rates continue to drift lower and have reached a historical low," says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Dow Jones Indices. "Recent economic reports are encouraging with the unemployment rate now at a six year low and strong job creation in recent months. The continued declines in consumer default rates confirm other indicators of an improving economy. Credit standards for mortgage loans continue to be somewhat restrictive and may be contributing to low first mortgage default rates.

"After reaching a historical low last month, Dallas was the only city to see its default rate increase; it posted 0.87% in June 2014.Chicago, Los Angeles, Miami and New York are at their lowest default rates since the start of the last recession. Miami continues to maintain the highest default rate of 1.68% while Los Angeles is now posting the lowest default rate of 0.75%. All five cities – Chicago,Dallas, Los Angeles, Miami and New York – remain below default rates seen a year ago."

The table below summarizes the June 2014 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: