The composite default rate, which includes second mortgages, bank cards and auto loans, fell one basis point from last month and 27 bps from November 2012.
However, second mortgage defaults increased six bps over October and 16 bps over last year.
Consumer credit quality remains healthy, with the indices remaining at levels they were at prior to the financial crisis, says David Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones Indices.
The percentage of disposable income that consumers need to make to cover the interest on their debts reached a record low. The amount of mortgage debt outstanding continues to decline, plus improvements in the economy and in unemployment have also helped to keep debt low, he says.
In November, the composite index was at 1.37%, while first mortgages were 1.28% and second mortgages were 0.78%.