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Consumer credit default rates are on the rise.

According to the S&P/Experian Consumer Credit Default Indices the national composite posted 1.04% in September -- up 3 basis points from July 2014’s historical low.

The first mortgage default rate rose to 0.93% -- the second consecutive monthly increase, while the second mortgage default rate rose 1 basis point -- to 0.52%, the first increase since April. The bank card rate decreased for the third consecutive month, declining by 10 basis points -- to 2.63%.

“Default rates for bank cards reversed an increase seen in the first half of 2014 while defaults on first mortgages and auto loans appear to have bottomed out over the summer,” said David M. Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones Indices. “However, none of these movements are very large. Despite their slight increase, default rates are still near the lows seen before the 2007-2009 recession and financial crisis”

Default rates drop in cities

Chicago, Dallas, New York and Miami all reported rate decreases, with Miami posting a default rate of 1.21% -- its lowest rate since June 2006 and New York posting a default rate of 1.05%, its lowest since September 2005.

Los Angeles for the second consecutive month posted a rate increase of 0.77%, up 11 basis points from its historical low in July 2014. All 5 cities -- Chicago, Dallas, Los Angeles, Miami and New York -- remain below default rates seen a year ago.”

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