Californians have been surprisingly good at paying their bills despite all the financial hurdles of Golden State life. That’s what I’ve found when looking at a decade’s worth of consumer delinquency data from the New York Fed, according to San Diego Union-Tribune. This information was gleaned from Equifax credit histories that track which debts go unpaid, including mortgages, autos, credit cards, and student loans.
For all the talk about the state’s sky-high cost of living impoverishing scores of residents, Californians had the nation’s fifth-best debt payment rate among the states between 2014 and 2023. Statewide, 1.7% of combined debt balances in those categories were 90 days or more late, well below the 2.7% delinquency rate nationally.
Don’t let the good payment history obscure the fact that Californians like to borrow. Some might argue most Golden State residents need significant loans to financially survive.
The California consumer debt load equaled $70,414 per person during the past decade in these four categories. That level of per-capita loans was 45% above the U.S. norm.
By the slice, Californians have been excellent at paying their home loans over the past decade. Tight lending restrictions helped stop missed payments and lowered foreclosure woes. Sadly, these rules also squash many homeownership dreams.
Californians are just OK at making car payments, nationally speaking. And when it comes to student loans and credit cards, California ranks 20th worst and 8th worst respectively.
Despite numerous monetary challenges Californians face, when it comes to meeting major financial obligations more than a few can “afford” the Golden State.
As a local Realtor, I am always looking for ways to help my clients achieve their real estate goals. If you are looking to buy or sell a home in the San Diego area, I would be happy to discuss your needs and how I can help.
I offer a variety of services to help you through the real estate process, including:
* **Buyer Representation:** I will help you find the perfect home and negotiate the best price.
* **Seller Representation:** I will help you market your home and get top dollar.
* **Market Analysis:** I can provide you with a detailed market analysis to help you make informed decisions.
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