Data released by S&P Dow Jones Indices [1] and Experian [2]found that national credit default rates during the month of February declined. The S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, found that the national composite rate was 1.30 in February, down from 1.34 in January.
The February, 2014, national composite rate was lower than the previous year's figure of 1.55 percent.
"Despite some mixed economic reports and severe weather, consumer credit default rates continue to decline," said David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Dow Jones Indices.
Across all categories—first mortgage, second mortgage, bank car, and auto loans—credit default rates improved.
Credit default rates on first mortgages, reported as 1.26 percent in January, fell to 1.23 percent for the month of February. Year-over-year, rates are down from the February, 2014, rate of 1.48 percent.
For second mortgages, credit default rates fell as well from .72 percent in January to .69 percent in February. For the year, credit default rates fell slightly year-over-year from .71 percent in February, 2013.
The report noted, "Consumer default rates have stabilized at levels similar to those seen before the financial crisis."