The September 2022 Consumer Credit Default Indices, as released by S&P Dow Jones Indices and the credit bureau Experian, remained unchanged for the month, which is good news for the economy.
The three components of the composite score—bank card defaults, auto loan defaults, and first-lien mortgage defaults— remained relatively unchanged during the month. The bank card default rate fell three basis points to 2.38% while the default rate for auto loans and mortgages remained unchanged at 0.72% and 0.42%, respectively.
All five major metropolitan statistical areas ("MSAs") showed lower default rates compared to last month. Miami had the largest decline, down 17 basis points to 0.99%. Chicago was nine basis points lower at 0.61, and Los Angeles was down seven basis points to 0.38. Dallas dropped five basis points to 0.64, and New York fell by one basis point to 0.57.