NEW YORK, April 17, 2018 /PRNewswire/ -- S&P Dow
Jones Indices and Experian released today data through March 2018 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 was unchanged at 0.96%. The bank card default rate
rose 14 basis points to 3.78%. The auto loan default rate fell four
basis points from last month to 1.05%. The first mortgage default
rate was unchanged at 0.72%.
Three of the five major cities saw an increase in composite
default rates in March. Miami had
the largest rise, up 59 basis points to 2.13%. The default rate for
Dallas rose two basis points to
0.91% while New York's increased
one basis point to 0.95%. Chicago
had the largest decrease, falling 11 basis points to 1.04%. The
rate for Los Angeles dropped four
basis points to 0.60%.
Composite default rates for Miami have increased for four consecutive
months, moving up a total of 116 basis points in that span. The
other four major cities have seen little change to their composite
rates over the same period.
Bank card default rates have been higher or unchanged for six
consecutive months, and now are at their highest level since
July 2012. Auto loan and first
mortgage default rates continue to remain stable.
"Recent patterns in consumer credit defaults continue," says David M. Blitzer, Managing Director and Chairman
of the Index Committee at S&P Dow Jones Indices. "The recent
volatility in the stock market has not affected consumer sentiment
and spending. The default rate on bank cards continues the modest
increases seen in recent months while default experience on
mortgage and auto loans is little changed. The favorable economic
environment of stable inflation and unemployment explains the
positive results seen in mortgages and auto loans. At current
levels, the bank card numbers are not a cause for concern.
"Among the cities reported here, Miami is the only one with a noticeable
composite default rate increase. Miami tends to have more volatile and somewhat
higher default rates than the other cities. The sharp regional
variations that characterized the period during and after the
financial crisis are less evident in the data for the last few
years. Changes in home prices vary less across the country.
Moroever, mortgage rates are largely set on a national basis
depending on monetary policy. Consumer credit defaults are less
regional than ten years ago."
The table below summarizes the March
2018 results for the S&P/Experian Credit Default
Indices. These data are not seasonally adjusted and are not subject
to revision.
S&P/Experian
Consumer Credit Default Indices
|
National
Indices
|
Index
|
March 2018
Index
Level
|
February 2018
Index Level
|
March 2017
Index
Level
|
Composite
|
0.96
|
0.96
|
0.94
|
First
Mortgage
|
0.72
|
0.72
|
0.75
|
Bank Card
|
3.78
|
3.64
|
3.31
|
Auto Loans
|
1.05
|
1.09
|
1.00
|
Source:
S&P/Experian Consumer Credit Default Indices
|
Data through March
2018
|
The table below provides the S&P/Experian Consumer Default
Composite Indices for the five MSAs:
Metropolitan
Statistical Area
|
March 2018
Index
Level
|
February 2018
Index Level
|
March 2017
Index
Level
|
New York
|
0.95
|
0.94
|
1.09
|
Chicago
|
1.04
|
1.15
|
1.05
|
Dallas
|
0.91
|
0.89
|
0.79
|
Los
Angeles
|
0.60
|
0.64
|
0.75
|
Miami
|
2.13
|
1.54
|
1.40
|
Source:
S&P/Experian Consumer Credit Default Indices
|
Data through March
2018
|
For more information about S&P Dow Jones Indices, please
visit www.spdji.com.
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 in outstanding loans sourced from
11,500 lenders.
For more information, please visit:
www.consumercreditindices.standardandpoors.com.
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 become home to over 1,000,000
indices across the spectrum of asset classes that have helped
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.spdji.com.
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
organizations to prevent identity fraud and crime.
We have more than 16,000 people operating across 37 countries
and every day we're investing in new technologies, talented people
and innovation to help all our clients maximize every opportunity.
We are listed on the London Stock Exchange (EXPN) and are a
constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content
hub at our global news blog for the latest news and insights from
the Group.
FOR MORE INFORMATION:
David Blitzer
Managing Director and Chairman of Index Committee
New York, USA
(+1) 212 438 3907
david.blitzer@spglobal.com
Luke Shane
North America Communications
New York, USA
(+1) 212 438 8184
luke.shane@spglobal.com
Jordan Takeyama
Experian Public Relations
(+1) 714 830 7561
jordan.takeyama@experian.com
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SOURCE S&P Dow Jones Indices