The consumer loan default rates increased in the month of October month-over-month for the most part, according to a short note released this morning by Standards & Poor's.

However, analysts said that the rates are still less than year ago levels. The rating agency stated that the S&P/Experian composite default index went up nine basis points to 1.55% in October, although has dropped 60 basis points year-over-year.

Meanwhile, S&P said that auto defaults increased three basis points to 1.14% in October. However, these defaults are down from 1.22% in October 2011.

By contrast, bankcard defaults dipped two basis points to 3.68% and have decreased 117 basis points from year ago levels, the rating agency reported.

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