NEW YORK — As the year winds down, consumer credit quality remains healthy, as the latest data shows stability in national default rates through November.
According to data released by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, the national composite was 1.37% in November, just a slight decrease from 1.38% in October.
First mortgage defaults dropped to 1.28% in November from 1.30% last month. Second mortgages inched up slightly to 0.78% in November, up from 0.72% in October. The auto loan default rate was 1.15% in November, compared with 1.14% in the previous month. Banks cards remained stable at 2.97%.
Across the country default rates declined in three major cities: Los Angeles, Chicago and Dallas. Los Angeles' default rate (1.19%) was the city's lowest since September 2006.
