Data throughJune 2011, released today by S&P Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed first and second mortgages default rates decreased in June to 2.02% and 1.40%, respectively, from May rates of 2.09% and 1.42%. Auto loans default rate went down from 1.34% in May to 1.29% in June; and bank cards experienced the largest decrease in June from 5.93% to 5.69%.

"Default rates are continuing to decline across major consumer credit categories," saysDavid 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 theMiamiwhere default rates remain higher than the other cities."

Consumer credit defaults varied across major cities in the U.S. Among the five major Metropolitan Statistical Areas (MSAs) reported in this release each month,Chicagoexperienced a large increase in default rates, from 2.37% in May to 2.59% in June.DallasandMiamiincreased moderately to 1.59% and 5.41%, from 1.58% and 5.31%.New YorkandLos Angelessaw default rates decrease to 1.82% and 2.17% in June, from 1.94% and 2.39% in May, respectively.