The S&P-Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, recorded an increase of six basis points to 0.89% compared with the previous month.

The bank card default rate rose 25 basis points to 3.34%. The auto loan default rate increased ten basis points to 1.03%. The first mortgage default rate was three basis points higher at 0.67%.

"The economic pictures behind the three lending sectors, autos, mortgages and bank cards, reveal different patterns. Housing is pressured by rising prices and higher mortgage rates,” said David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices. “Sales of both new and existing homes are weakening. Auto sales were steady in 2017 and 2018 at slightly more than 17 million vehicles sold each year. Retail sales and consumer spending saw continued growth in 2018 with few signs that credit tightening was having any impact."

All five of the major metropolitan statistical areas showed higher default rates in December 2018. The rate for Miami increased 41 basis points to 1.93% while the rate for New York rose 13 basis points to 0.96%. The default rate for Chicago was up four basis points to 0.88%. The rate for Dallas increased three basis points to 0.85% while for Los Angeles, the rate increased two basis points to 0.52%.

S&P-Experian Consumer Default Composite Indices (by MSA)

"Consumer credit default rates are giving a caution signal," said Blitzer. "It has been almost two years since default rates across the three sectors and all five cities tracked in this report rose together.