Data through March 2013, released today by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed a decrease in national default rates during the month. The national composite was 1.50% in March, down from 1.55% in February. The first and second mortgage default rates moved to 1.41% and 0.69% in March, down from 1.48% and 0.71% in February. The bank card default rate was 3.51% in March, up from the recent low of 3.37% it posted last month. The auto loan default rate remained flat at 1.11% since February.

"The first quarter of 2013 shows healthy consumer credit quality," says David M. Blitzer , Managing Director and Chairman of the Index Committee for S&P Dow Jones Indices. "The first and second mortgage default rates decreased, the bank card rate increased and the auto loan rate remained flat in March. All loan types remain below their respective levels a year ago.

"Four of the five cities we cover showed decreases in their default rates in March – Miami was down by 28 basis points, Chicagoby 25, Los Angeles by 15 and Dallas by six basis points. New York was the only city with increased default rates; it was up 38 basis points. Miami had the highest default rate at 2.93% and Dallas - the lowest at 1.20% among the five cities. All five cities remain below default rates they posted a year ago, in March 2012."

The table below summarizes the March 2013 results for the S&P/Experian Credit Default Indices. These data are not seasonally adjusted and are not subject to revision.

The table below provides the S&P/Experian Consumer Default Composite Indices for the five MSAs: