Analysts have found that overall consumer credit performance appears to be doing well. S&P Dow Jones Indices and Experian found that auto loan defaults rose to 1.11% in August from 1.03% in July. Consumer credit defaults decreased from 1.35% in July to 1.34% in August. The first mortgage default rate declined from 1.25% in July to 1.23% in August. The second mortgage reading was up at 0.57% in August, from 0.54 during July. Meanwhile, the bank card default rate hit a low of 3.12% from 3.22%, which is 10 basis points lower from July and 65 lower from August of last year. Managing director and chairman of the index committee at S&P Dow Jones Indices states, “the indices are back to pre-financial crisis levels and are stable.” New York and Los Angeles both had their default rates lower to 1.21% and 1.44% respectively. Meanwhile, the other largest metropolitan areas, Chicago, Dallas, and Miami had increases while still remaining below default rates from last year.
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