S&P/EXPERIAN CONSUMER CREDIT DEFAULT INDICES SHOW COMPOSITE, AUTO LOANS AND FIRST MORTGAGE RATES STEADY IN SEPTEMBER 2022

Rhea-AI Summary

Bank card default rates declined for the third month in a row, according to the S&P/Experian Consumer Credit Default Indices released on October 18, 2022. The composite default rate remained steady at 0.57%, while the bank card default rate fell three basis points to 2.38%. Default rates for auto loans and first mortgages remained unchanged at 0.72% and 0.42%, respectively. Miami saw the largest decline among major cities, dropping 17 basis points to 0.99%. Other cities also experienced reductions, indicating a positive trend in consumer credit stability.

Positive

• Bank card default rate decreased to 2.38% from 2.41%.
• Composite default rate held steady at 0.57% for three consecutive months.
• All five major metropolitan areas showed lower default rates.

Negative

• None.

Bank Card default rate showed decline for the third consecutive month

NEW YORK, Oct. 18, 2022 /PRNewswire/ -- S&P Dow Jones Indices and Experian released today data through September 2022 for the S&P/Experian Consumer Credit Default Indices. The indices represent a comprehensive measure of changes in consumer credit defaults and show that the composite rate was unchanged for the past three months at 0.57%. The bank card default rate fell three basis points to 2.38%. The auto loan and first mortgage default rates were 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.

The table below summarizes the September 2022 results for the S&P/Experian Consumer Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.

Index Levels – National Indices
Index	September 2022	August 2022	September 2021
Composite	0.57	0.57	0.39
First Mortgage	0.42	0.42	0.27
Bank Card	2.38	2.41	2.11
Auto Loans	0.72	0.72	0.35
Source: S&P/Experian Consumer Credit Default Indices
Data through September 2022

The table below provides the index levels for the five major MSAs tracked by the S&P/Experian Consumer Credit Default Indices.

Index Levels – Major MSAs
MSA	September 2022	August 2022	September 2021
New York	0.57	0.58	0.40
Chicago	0.61	0.70	0.43
Dallas	0.64	0.69	0.43
Los Angeles	0.38	0.45	0.31
Miami	0.99	1.16	0.80
Source: S&P/Experian Consumer Credit Default Indices
Data through September 2022

For more information about S&P Dow Jones Indices, please visit www.spglobal.com/spdji/en/.

ABOUT THE S&P/EXPERIAN CONSUMER CREDIT DEFAULT INDICES

Jointly developed by S&P Dow Jones Indices LLC and Experian, the S&P/Experian Consumer Credit Default Indices are published on the third Tuesday of each month at 9:00 am ET. They are constructed to track the default experience of consumer balances in four key loan categories: auto, bankcard, first mortgage lien and second mortgage lien. The Indices are calculated based on data extracted from Experian's consumer credit database. This database is populated with individual consumer loan and payment data submitted by lenders to Experian every month. Experian's base of data contributors includes leading banks and mortgage companies, and covers approximately $11 trillion in outstanding loans sourced from 11,500 lenders.

For more information, please visit: www.spindices.com/indices/indicators/sp-experian-consumer-credit-default-composite-index.

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500^® and the Dow Jones Industrial Average^®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/.

ABOUT EXPERIAN

Experian is the world's leading global information services company. During life's big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.

We have 20,600 people operating across 43 countries and every day we're investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.

Experian and the Experian trademarks used herein are trademarks or registered trademarks of Experian. Other product or company names mentioned herein are the property of their respective owners.

FOR MORE INFORMATION:
spdji.comms@spglobal.com

April Kabahar
Head of Communications
S&P Dow Jones Indices
New York, USA
(+1) 917 796 3121
april.kabahar@spglobal.com

Lauren Davis
Americas Communications
S&P Dow Jones Indices
New York, USA
(+1) 484 269 7118
lauren.davis@spglobal.com

Annie Russell
Experian Public Relations
(+1) 714 830 7927
annie.russell@experian.com

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SOURCE S&P Dow Jones Indices

FAQ

What is the current bank card default rate for SPGI?

As of September 2022, the bank card default rate for SPGI is 2.38%.

How did the composite default rate change for SPGI in September 2022?

The composite default rate remained unchanged at 0.57% for September 2022.

Which city saw the largest decline in default rates for SPGI?

Miami experienced the largest decline, with a drop of 17 basis points to 0.99%.

What were the auto loan and mortgage default rates for SPGI in September 2022?

The auto loan default rate was 0.72% and the first mortgage default rate was 0.42%.