National Credit Default Rates Fell in April 2013 According to the S&P/Experian Consumer Credit Default Indices

National Credit Default Rates Fell in April 2013 According to the S&P/Experian
                       Consumer Credit Default Indices

All Five Cities Saw Default Rates Descend in April 2013

PR Newswire

NEW YORK, May 21, 2013

NEW YORK, May 21, 2013 /PRNewswire/ -- Data through April 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 hit its post-recession low of 1.42% in April, down from
1.50% in March. The first mortgage default rate moved down to 1.31% in April
from 1.41% in March. The auto loan default rate posted a 1.07% rate in April,
down from its 1.11% March level. The bank card default rate increased in
April, it posted 3.61% in April vs. 3.51% in March.

"Consumer financial condition continues to improve", says David M. Blitzer,
Managing Director and Chairman of the Index Committee for S&P Dow Jones
Indices. "Continued improvements in the economy and declining consumer debt
are resulting in lower consumer default rates for mortgages and automobiles.
Bank cards, where default patterns are more volatile, saw a small uptick in
the latest month. While unemployment remains elevated, these data suggest that
for many consumers the recession is definitely behind us.

"All five cities saw lower default rates in April. Chicago, Los Angeles and
Miami hit new post-recession lows. Miami was down by 0.72 percentage points
since March and 1.00 percentage point since February 2013. Dallas was down by
0.20 percentage points, Chicago by 0.14, and Los Angeles by 0.12 percentage
points. New York was marginally down by 0.01 percentage point. Miami had the
highest default rate at 2.21% and Dallas - the lowest at 1.00% among the five
cities. All five cities remain below default rates they posted a year ago, in
April 2012."

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

S&P/Experian Consumer Credit Default Indices
National Indices
                                April 2013               March 2013 April 2012
Index                          Index Level              Index      Index
                                                         Level      Level
Composite                      1.42                     1.50       1.86
First Mortgage                 1.31                     1.41       1.76
Second Mortgage                0.62                     0.69       0.93
Bank Card                      3.61                     3.51       4.49
Auto Loans                     1.07                     1.11       1.07
Source: S&P/Experian Consumer Credit Default
Indices
Data through April 2013

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

Metropolitan                 April 2013              March 2013  April 2012
Statistical Area               Index Level             Index Level Index Level
New York                       1.78                    1.79        1.78
Chicago                        1.70                    1.83        2.21
Dallas                         1.00                    1.20        1.25
Los Angeles                    1.36                    1.48        1.88
Miami                          2.21                    2.93        3.14
 Source: S&P/Experian Consumer Credit Default
Indices
 Data through April 2013

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About Experian
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For more information:

Dave Guarino
Communications
S&P Dow Jones Indices
dave.guarino@spdji.com
(+1) 212-438-1471

David Blitzer
Managing Director and Chairman of the Index Committee
S&P Dow Jones Indices
david.blitzer@spdji.com
(+1) 212-438-3907

Susan Henson
Experian Public Relations
susan.henson@experian.com
(+1) 714-830-5129

Jointly developed by S&P Dow Jones Indices LLC and Experian, the S&P/Experian
Consumer Credit Default Indices are published on the third Tuesday of each
month at 9:00 am ET. They are constructed to track the default experience of
consumer balances in four key loan categories: auto, bankcard, first mortgage
lien and second mortgage lien. The Indices are calculated based on data
extracted from Experian's consumer credit database. This database is populated
with individual consumer loan and payment data submitted by lenders to
Experian every month. Experian's base of data contributors includes leading
banks and mortgage companies, and covers approximately $11 trillion in
outstanding loans sourced from 11,500 lenders.

For more information, please visit:
www.consumercreditindices.standardandpoors.com.

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