Data throughAugust 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 the bank card default rates decreased in August to 5.26% from July's 5.64%. First and second mortgage default rates remained almost flat, with the first mortgage rate moving down from 1.93% in July to 1.92% in August and second mortgage slightly up from 1.25% to 1.27%. Auto loan default rate went up from 1.27% in July to 1.31% in August.

"While there were some moderately mixed results, the overall picture is broadly optimistic," saysDavid M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices. "All indices show default rates well below where they were in the 2008/09 recession, and some are still falling. Bank cards traditionally have the highest default rates, so the decline from 5.64% in July to 5.26% in August is a good sign. The same is true forMiami, where we saw the default rates fall from 5.37% to 4.52% over the month. While not as large, the other four cities, mortgages and auto loans all saw declining or stable default rates and all of these are posting rates below 2.5%, some even below 1.5%. Again, good news for the consumer."

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,Miamishows its lowest default rate sinceOctober 2007, decreasing from 5.37% in July to 4.52% in August.New York's default rates remained flat at 1.80%.Chicago,DallasandLos Angelesdecreased moderately in August to 2.43%, 1.51% and 2.07%, respectively, from 2.54%, 1.60% and 2.15% in July.

The table below summarizes theAugust 2011results for the S&P/Experian Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.