Default rates on various types of consumer loans were down 14 basis points in December on a year-over-year basis but were unchanged from November, according to Standard & Poor's and Experian.
The composite default rate for multiple loan types in December was unchanged from the previous month, at 0.97%, according to the S&P/Experian Consumer Credit Default Indices. For December 2014, the index was 1.11%,
First-mortgage default rates declined 18 basis points from last December but rose 2 basis points to 0.84%. Second mortgage defaults increased by eight basis points from December 2014 to 0.67%, but unchanged when compared with November.
Bank card default rates fell 42 basis points between November and December to 2.49% while auto loan defaults was unchanged at 1.04%.
"The consumer economy looks good," David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a Tuesday news release. "Consumer credit default rates are low and stable, and consumer sentiment measures are upbeat."
