Mortgage, credit defaults rise in November

A new survey indicates a considerable number of consumers had trouble making their home loan payments in November.

According to a joint survey released by Standard and Poor's and credit bureau Experian, first mortgage default rates rose to 2.17 percent from 2.08 percent on the organizations' Credit Default Indices. Also registering an increase were bank card defaults, up to 4.91 percent from 4.85 percent in October.

"First mortgage default rates rose for the third consecutive month [in November]," said David Blitzer manging director and chairman of the index committee for S&P Indices. "Since August, first mortgage default rates have risen from 1.92 percent to the 2.17 percent November rate, or 0.25 percentage points."

He added that given the weak housing statistics over the past several months, the higher defaults rates aren't too surprising.

Meanwhile, the report found that second loan and second mortgage defaults fell in November.

Consumers should get into the habit of checking their credit reports, even if they have never defaulted on a loan. Discrepancies left in error by creditors can occasionally lower scores more than they should be.