Only 1% of California household debts were 90-days or more tardy in the fourth quarter vs. 1.6% nationally.
compiled from credit history by Equifax. The stats break out 11 heavily populated states, including California, dating to 2003.Only 1% of California household debts were 90 days or tardier in the fourth quarter. That’s a remarkable resiliency following the Federal Reserve’s interest-rate hikes throughout most of 2022 designed to cool the pandemic era’s surprisingly robust economy.
Consider California averaged 1.6% late payments in mid-pandemic 2020-21 and 1.9% in pre-pandemic 2018-19. Looking back over 21 years, 3.9% of California bills were paid late on average. Still, California has few delinquent debts – $857 per capita, the third-smallest rate among the 11 states and 11% below the nation’s $964. The highest was in Texas at $1,172 while the lowest was in Michigan at $799.
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