Default rates on various types of consumer loans improved in November, according to Standard & Poor's and Experian.

The composite default rate for multiple loan types improved three basis points to 0.97% in November compared to the previous year, according to the S&P/Experian Consumer Credit Default Indices.

First-mortgage default rates lifted one basis point to 0.82% from the month before, while second-mortgage default rates improved 11 basis points to 0.67%.

Consumer spending and other factors do not suggest cause for concern over consumer defaults, David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a Tuesday news release.

"Inflation remains low and expectations of future inflation are low and stable, the labor market continues to improve, and wages — long dormant — may be turning upward," he said.

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