According to the S&P/Experian Consumer Credit Default Indices, national default rates rose in September. The national composite edged up from 1.34 percent in August to 1.38 percent. Default rates were 1.28 percent for first mortgages, up from 1.23 percent; 0.69 percent for second mortgages, up from 0.57 percent; 1.15 percent for auto loans, up from 1.11 percent; and 3.14 percent for bank cards, up from 3.12 percent.
"Consumer credit quality continues to look healthy," remarks David Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones Indices. "The indices remain at pre-financial crisis levels and are stable."