CACC - Consumers' default ratings continue improving in May: S&P/Experian index

Consumers are defaulting less on their credit card, auto loan, and mortgage payments in May than they were in April, according to S&P Global and Experian data.The S&P/Experian Consumer Credit Default composite rate fell 6 basis points to 0.44% in May from 0.50% in April.By category, the bank card default rate dropped 22 bps to 3.01% from 3.23%; the auto loan default rate fell 9 bps to 0.34% from 0.43%, and the first mortgage default rate declined 5 bps to 0.28% from 0.33%.So far, May's credit-card delinquency data also backs up the narrative that consumers are mostly keeping up with their payments. Five big credit card issuers, including American Express and JPMorgan Chase, said card delinquency rates have declined in May vs. April and show even bigger drops from a year ago.During the pandemic, most consumer finance and mortgage companies offered forbearance programs to their customers; the government's fiscal support, including

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Consumers' default ratings continue improving in May: S&P/Experian index