California late payers equal 1.9% of debt owed vs. 2.8% of Americans behind on repayment and 3.5% in Texas and Florida.
September 15, 2022 at 11:33 a.m.” digs into trends that may indicate economic and/or housing market troubles ahead.Californians may have huge debts, but they’re apparently making loan payments better than most Americans.The data includes the size and payments of consumer debts in 11 big states and the nation through June 2022 quarter. These stats look only at people with credit histories — a sizable but not complete slice of the population. Debt levels are tracked as a per-person average.
And that’s better than the national norm, which saw 1.81% of debts going unpaid in spring vs. 3.34% in 2015-19. Florida had 2.41% late in spring vs. 4.76% in 2015-19, while Texas was 2.44% late in spring vs. 3.80% in 2015-19.Let’s be honest, debt is an odd economic factor to track. Too little can be bad but too much is often troublesome.
And so far in the ever-surprising pandemic era, consumers across the nation have been improving repayments while borrowing aggressively. The state is no anomaly. Debt nationwide grew at a 5.3% annual pace in the pandemic era vs. 2.5% before. Texas? 7.3% pandemic growth vs. 4.4% before. Florida? 6.9% vs. 3.5%.
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