NEW YORK — Any way one could view the latest S&P/Experian Consumer Credit Default Indices, the readings showed positive movements based on data through January of this year.

Auto loans were among the types of credit contracts that made strong month-over-month and year-over-year improvements. Compiled by Standard & Poor's and Experian, the comprehensive measure of changes in consumer credit defaults determined vehicle contract defaults dropped to 1.57 percent, a 6.58-percent improvement over the previous month and a 38.67-percent improvement over January 2010.

Positive advances in connection with auto loans helped the composite reading, too. Analysts determined the overall mark came in at 2.89 percent in January, a 3.68-percent improvement over the previous month and a 36.64-percent betterment from a year ago.

Switching over to other credit categories, the index pointed out first-mortgage defaults dropped to 2.84 percent. That level was 2.64 percent better than December of 2010 and 37.13 percent better than January of last year.

In regard to second mortgages, the January default level sunk to 1.51 percent. Analysts discovered this segment made the greatest improvements as the latest reading revealed a 13.26 percent month-over-month improvement and a 54.16 percent year-over-year improvement.

Meanwhile S&P and Experian discovered bank card defaults made an 8.79-percent month-over-month improvement to settle at a January reading on 6.13 percent. That level also represented a 25.33-percent improvement from a year ago.

Turning over to a geographic discussion about the January report, S&P and Experian learned consumer credit defaults made varied levels of improvement across major cities and regions of the U.S.

Among the five major metropolitan statistical areas reported each month, analysts found Los Angeles and New York experienced a decrease in January defaults to 2.75 percent and 2.64 percent, respectively. The reading left Los Angeles with a 10.24 percent month-over-month improvement and a 55.65-percent betterment since January 2010. New York's movement put the city at a level 11.97 percent better than the previous month and 36.34 percent better than the previous year.

Analysts discovered Chicago followed at about the same pace as the nation's two largest cities. Chicago's January reading came in a 2.74 percent — 12.46 percent lower than December and 42.26 percent lower than the same month in 2010.

S&P and Experian discovered Dallas made improvements, too, just not at the pace of other major cities. Dallas' January level settled at 2.06 percent, a figure 6.54 percent better than the previous month and 39.51 percent better than a year ago.

Finally, Miami continued to have the highest reading among the five cities listed, but analysts pointed out the area made significant month-over-month and year-over-year improvements. Miami's January reading was 6.46 percent, down 36.36 percent from December and 51.07 percent from January of last year.

"We continue to see improvements in consumers' financial condition. Default rates fell sharply in all major categories and across the five highlighted cities. Reflecting the better shape of the consumer, the Federal Reserve reported the first increase in bank card credit outstanding in December 2010 since 2008 while other reports show gains in consumer spending," explained David Blitzer, managing director and chairman of the S&P Index committee.

"Two keys to the economic recovery are rebuilding balance sheets and increased spending," Blitzer emphasized. "The reduced default rates seen here demonstrate that household balance sheets are being put back into shape and should support gains in spending."