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Consumer Default Rates Decline in June
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You're Now Reading:
Consumer Default Rates Decline in June
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
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Consumer Default Rates Decline in June
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July 22, 2011 (Jeff Alan)

Consumers continued to exhibit financial fortitude in spite of high unemployment and fuel prices as default rates continued to decline across the major consumer credit categories according to the latest S&P/Experian Consumer Credit Default Indices.

The report shows that first and second mortgage default rates decreased in June to 2.02 percent and 1.40 percent, respectively, from 2.09 percent and 1.42 percent in May.

Mortgage default rates have been on the decline since March 2009 when second mortgage default rates peaked at 4.66 percent, followed two months later when first mortgage default rates peaked at 5.67 percent in May 2009.

Auto loans and bank cards also continued to see declines in default rates. Auto loan default rates fell to 1.29 percent in June, down from 1.34 percent in May and bank card default rates decreased from 5.93 percent in May to 5.69 percent in June.

“Default rates are continuing to decline across major consumer credit categories,” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices. “More importantly for the economy, the Federal Reserve reported that revolving credit – which includes bank cards – rose in May for the first time since 2008. Combined with the improving default experience we are seeing this is a positive sign for an economy suffering from a lack of consumer spending. Looking at the five leading cities highlighted in this report, the lingering effects of the housing bust can be seen in the Miami where default rates remain higher than the other cities.”

Despite the overall improvement, three of the five Metropolitan Statistical Areas (MSA) reported increases in month-over-month default rates. Chicago reported the largest increase from 2.37 percent in May to 2.59 percent in June, while Dallas and Miami reported moderate increases to 1.59 percent and 5.41 percent in June from 1.58 percent and 5.31 percent in May, respectively.

New York reported a decrease in default rates from 1.94 percent in May to 1.82 percent in June, while Los Angeles saw its default rates fall to 2.17 percent in June from 2.39 percent in May.

Tags: S&P, Experian, Consumer Credit Default Indices, mortgage default rates, auto loan default rates, bank card default rates

Source:
S&P

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July 22, 2011 (Jeff Alan)

Consumers continued to exhibit financial fortitude in spite of high unemployment and fuel prices as default rates continued to decline across the major consumer credit categories according to the latest S&P/Experian Consumer Credit Default Indices.

The report shows that first and second mortgage default rates decreased in June to 2.02 percent and 1.40 percent, respectively, from 2.09 percent and 1.42 percent in May.

Mortgage default rates have been on the decline since March 2009 when second mortgage default rates peaked at 4.66 percent, followed two months later when first mortgage default rates peaked at 5.67 percent in May 2009.

Auto loans and bank cards also continued to see declines in default rates. Auto loan default rates fell to 1.29 percent in June, down from 1.34 percent in May and bank card default rates decreased from 5.93 percent in May to 5.69 percent in June.

“Default rates are continuing to decline across major consumer credit categories,” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices. “More importantly for the economy, the Federal Reserve reported that revolving credit – which includes bank cards – rose in May for the first time since 2008. Combined with the improving default experience we are seeing this is a positive sign for an economy suffering from a lack of consumer spending. Looking at the five leading cities highlighted in this report, the lingering effects of the housing bust can be seen in the Miami where default rates remain higher than the other cities.”

Despite the overall improvement, three of the five Metropolitan Statistical Areas (MSA) reported increases in month-over-month default rates. Chicago reported the largest increase from 2.37 percent in May to 2.59 percent in June, while Dallas and Miami reported moderate increases to 1.59 percent and 5.41 percent in June from 1.58 percent and 5.31 percent in May, respectively.

New York reported a decrease in default rates from 1.94 percent in May to 1.82 percent in June, while Los Angeles saw its default rates fall to 2.17 percent in June from 2.39 percent in May.

Tags: S&P, Experian, Consumer Credit Default Indices, mortgage default rates, auto loan default rates, bank card default rates

Source:
S&P

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

July 22, 2011 (Jeff Alan)

Consumers continued to exhibit financial fortitude in spite of high unemployment and fuel prices as default rates continued to decline across the major consumer credit categories according to the latest S&P/Experian Consumer Credit Default Indices.

The report shows that first and second mortgage default rates decreased in June to 2.02 percent and 1.40 percent, respectively, from 2.09 percent and 1.42 percent in May.

Mortgage default rates have been on the decline since March 2009 when second mortgage default rates peaked at 4.66 percent, followed two months later when first mortgage default rates peaked at 5.67 percent in May 2009.

Auto loans and bank cards also continued to see declines in default rates. Auto loan default rates fell to 1.29 percent in June, down from 1.34 percent in May and bank card default rates decreased from 5.93 percent in May to 5.69 percent in June.

“Default rates are continuing to decline across major consumer credit categories,” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices. “More importantly for the economy, the Federal Reserve reported that revolving credit – which includes bank cards – rose in May for the first time since 2008. Combined with the improving default experience we are seeing this is a positive sign for an economy suffering from a lack of consumer spending. Looking at the five leading cities highlighted in this report, the lingering effects of the housing bust can be seen in the Miami where default rates remain higher than the other cities.”

Despite the overall improvement, three of the five Metropolitan Statistical Areas (MSA) reported increases in month-over-month default rates. Chicago reported the largest increase from 2.37 percent in May to 2.59 percent in June, while Dallas and Miami reported moderate increases to 1.59 percent and 5.41 percent in June from 1.58 percent and 5.31 percent in May, respectively.

New York reported a decrease in default rates from 1.94 percent in May to 1.82 percent in June, while Los Angeles saw its default rates fall to 2.17 percent in June from 2.39 percent in May.

Tags: S&P, Experian, Consumer Credit Default Indices, mortgage default rates, auto loan default rates, bank card default rates

Source:
S&P

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.