According to San Diego Union-Tribune, California residents are facing a growing challenge with credit card debt, with balances surging 34% in just two years. This trend mirrors a nationwide increase in credit card usage, driven by factors like pandemic stimulus spending and rising inflation.
This is a concerning development, particularly as the delinquency rate for credit card payments in California has also climbed significantly. With 10.23% of credit card balances in California being at least 90 days late, this represents the 12th highest delinquency rate in the nation.
As a local realtor, I’m concerned about the impact this could have on the real estate market. Rising debt levels can make it harder for people to qualify for mortgages and can lead to financial instability that can impact their ability to purchase or sell homes.
If you’re struggling with credit card debt, it’s important to take action. There are resources available to help you get back on track, such as credit counseling services and debt consolidation programs.
I urge you to reach out to me today for a free consultation on how I can help you navigate the complex world of real estate, especially in light of these economic challenges. I can offer guidance on managing your finances, understanding the current market, and making informed decisions about your future.
Visit my website at https://robertluiswallace.com/services/ to learn more about my services.
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