S&P/Experian Consumer Credit Default Indices Show Second Straight Increase in Composite Rate in January 2022
Wednesday, February 16th, 2022
S&P Dow Jones Indices and Experian released today data through January 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 three basis points to 0.43%. The bank card default rate increased seven basis points to 2.02%. The auto loan default rate was up four basis points to 0.53% while the first mortgage default rate was three basis points higher at 0.31%.
Four of the five major metropolitan statistical areas ("MSAs") showed higher default rates compared to last month. New York had the largest increase, up 17 basis points to 0.50%. Chicago was three basis points higher at 0.47%. Los Angeles was up two basis points to 0.38% while Dallas rose one basis point to 0.50%. Miami fell four basis points to 0.93%.
The table below summarizes the January 2022 results for the S&P/Experian Consumer Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.
The table below provides the index levels for the five major MSAs tracked by the S&P/Experian Consumer Credit Default Indices.
For more information about S&P Dow Jones Indices, please visit www.spglobal.com/spdji/en/.
| Index Levels – National Indices | |||
| Index | January 2022 | December 2021 | January 2021 |
| Composite | 0.43 | 0.40 | 0.48 |
| First Mortgage | 0.31 | 0.28 | 0.32 |
| Bank Card | 2.02 | 1.95 | 2.72 |
| Auto Loans | 0.53 | 0.49 | 0.56 |
| Source: S&P/Experian Consumer Credit Default Indices | |||
| Data through January 2022 | |||
| Index Levels – Major MSAs | |||
| MSA | January 2022 | December 2021 | January 2021 |
| New York | 0.50 | 0.33 | 0.49 |
| Chicago | 0.47 | 0.44 | 0.53 |
| Dallas | 0.50 | 0.49 | 0.57 |
| Los Angeles | 0.38 | 0.36 | 0.32 |
| Miami | 0.93 | 0.97 | 0.95 |
| Source: S&P/Experian Consumer Credit Default Indices | |||
| Data through January 2022 | |||
