top of page

Bank Card and Second Mortgage Defaults Jump Following Spending Increase


Towards the end of 2017 there was a significant spike in second mortgage and bank card defaults, according to a recent report. Experts are now pointing towards increased spending as the reason behind the spike.

"The second mortgage default rate climbed to 1.22% from 1.08% the previous month, and was nearly three times as high a year ago when it was 0.41%, according to Standard & Poor's and Experian," according to National Mortgage News.

"First mortgage default rates inched up month-to-month to an average of 0.68%, but were lower year-to-year."

While the unemployment and inflation numbers seem low, the increase spending has some consumers falling behind in managing their money. There is a strong possibility that this stabilizes over the next couple of months.

To learn more about the jump in second mortgage and bank card defaults, click on the image above.

Recent Posts

Featured Posts

Follow Us

  • Grey Facebook Icon
  • Grey Twitter Icon
bottom of page