WASHINGTON -- Consumers did a better job making on-time payments for mortgages and credit cards last month than at any point since the end of the Great Recession.
A leading index of defaults on consumer loans fell in September for the ninth straight month, hitting its lowest level since 2009.
Defaults in four of the five loan categories tracked by the S&P Dow Jones Indices and credit reporting company Experian also dropped to their lowest level 2009, the companies said Tuesday.
Auto loan defaults were the only category to show an increase in September.
The overall composite index of all consumer loan defaults dropped to 1.46%, a post-recession low.
"We think it is very fair to say that 2012 has proven to be a period of financial repair for consumers", David M. Blitzer, chairman of the index committee for S&P Dow Jones Indices, sain in a statement. "Consumers' financial condition continues to improve as witnessed by these declining credit default rates."