Posted To: MND NewsWire

Bank cards were the only type of consumer debt to see a decline in defaults during December according to data released today by S&P Indices and Experian. The S&P Experian Consumer Credit Default Indices showed increased defaults in both first and second mortgages and in auto loans. Driven primarily by the increase in mortgage defaults, the national composite index rose from 2.22 percent in November to 2.24 percent in December, the highest rate since April of 2011. In December 2010 the Index stood at 3.01 percent. The default rate for second mortgages increased from 1.26 percent to 1.33 percent, auto loan defaults rose to 1.27 percent from 1.17 percent and first mortgage defaults increased to 2.19 percent from 2.17 percent. The default rate for bank cards however dropped from 4.91 percent...(read more)