The S&P/Experian Composite Consumer Credit Default Index fell seven basis points to a rate of 0.86 per cent last month. The vehicle loan default rate fell five bps to 0.97 per cent. The bank card default rate rose 17 bps over a month and 60 bps over a year to 3.1 per cent. S&P Dow Jones Indices index committee chair David Blitzer said the mortgage debt service ratio (the percentage of disposable income going to service mortgage debt) was at its lowest point since 1980. "The total debt service ratio, which includes loans with scheduled payments, is close to a record low," Blitzer said. Contactless cards in the UK are "on a trajectory to reach 15 per cent of all such transacting by the end of 2017," East and Partners said in a research note yesterday. Contactless has reached 8.2 per cent, East said, with the vast majority of the transactions involving debit cards. The UK Card Association reported 84.2 million contactless cards in the UK as of February 2016. Visa Europe has recently reported that one in five card present transactions are now being made with contactless cards. The largest US marketplace lender, Lending Club, has received a grand jury subpoena from the US Department of Justice, following on from the resignation of former chief executive Renaud Laplanche last Monday, AltFi reports. Lending Club disclosed in a 10-Q filing that it intended to co-operate with both the DOJ and the Securities and Exchange Commission. There was also the suggestion that the platform may move towards funding some loans using its own balance sheet, which would represent a significant shift in approach. The problems at Lending Club "are closely tied to transparency, or to a lack thereof," AltFi said.