As of the end of 2024, California's consumer debt statistics reveal that 3.25% of borrowings have gone into a 30-days-or-more-late status, the highest since early 2016. Nationally, the missed payments are even more concerning at 4.14%, marking the largest increase since 2020. While these figures indicate a growing strain on bill-paying capabilities, they remain below the levels experienced during the Great Recession. Economically, Californians show a better track record than the national average, though rising late payments signal increasing consumer anxiety despite overall positive economic indicators.
As 2024 ended, 3.25% of California borrowings fell into this worrisome bucket - the highest level since 2016's first quarter.
Nationally, skipped payments are even higher: 4.14% of debts entered the earliest of tardy status in the fourth quarter.
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