Mortgage records indicate that missed home loan payments could be a significant factor behind consumer credit defaults, Standard & Poor's reports.
According to S&P, overall credit defaults rose to a rate of 2.24 percent in December. Although the rate edged two basis points higher on a monthly basis, year-over-year, it is lower than it was in December 2010.
Also, December was the fourth consecutive month that consumer credit defaults increased.
"The second half of 2011 saw a slight reversal of the two-year downward trend in consumer credit default rates," said S&P index committee chairman David Blitzer. "First mortgage default rates rose for the fourth consecutive month, as did the composite."
The report showed that the rate of first-mortgage defaults increased to 2.19 percent during the month from a rate of 2.17 percent in November. In addition, the rate of second-mortgage defaults also edged higher to a rate of 1.33 percent from 1.26 percent.
Additionally, S&P indicated that Miami led the nation with the highest rate of credit defaults, as it increased to 4.73 percent in December. A month earlier, the rate was 4.47 percent.