The article discusses signs of worsening bill-paying habits in California and the U.S., with data showing that 3.25% of California debts entered 30-days-or-more-late status at the end of 2024—the highest since early 2016. Nationally, this rate was even higher at 4.14%. These figures, while concerning, still remain below levels seen during the Great Recession. Furthermore, the percentage of debts that are 90 days or more overdue has risen, suggesting growing financial pressures among consumers despite contradictory economic indicators implying strength.
An early warning sign of bill-paying problems is flashing for California and the nation. To check Californians' financial health, my trusty spreadsheet examined consumer debt statistics compiled by the New York Fed.
As 2024 ended, 3.25% of California borrowings fell into this worrisome bucket - the highest level since 2016's first quarter, indicating rising consumer angst.
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