18% of California student loans are delinquent

Despite the financial stress of Golden State life Californians are relatively good at paying bills compared with the rest of the nation Take pupil loans In the first quarter of of California scholar loans were late Related Articles Special instruction students at CSU East Bay denied commencement walk Older people in crosshairs as administration restarts Social Defense garnishment on aspirant loans Here are the winners and losers in the Republican tax bill Stanford declines to discuss Israeli divestment as hunger strike protestors vow to grow numbers San Jose State University beats Stanford Cal in computer coding That may seem like a stunningly high rate of skipped payments but it s the th lowest delinquency rate among the states and the District of Columbia And across the nation of candidate loans were delinquent That s what was discovered by my trusty spreadsheet s review of bill-payment information from the Federal Reserve Bank of New York The research from to the first quarter of examines debt levels and payments drawn from individuals with credit histories The latest record was the first since student-loan repayment reprieves ended That means late payments on multiple educational loans were once again being stated to credit bureaus This provides a window into the scope of this education-linked financial challenge Scholar loans are roughly of all California debts These borrowings equal per capita of the total consumer borrowings statewide Nationally it s a bigger hurdle apprentice loans run per capita or of Americans per capita debts The ability to pay varies wildly Mississippi was the worst at student-loan repayment with of these debts in arrears followed by Alabama Wisconsin Kentucky and Oklahoma all at The best at making payments lived in Illinois and Massachusetts with delinquency followed by Connecticut Virginia and New Hampshire were next at Bigger picture To start only of all California consumer debts were days or more past due Yes skipped bills increased from at year-end And it s California s highest level of tardy bills since the second quarter of when coronavirus lockdowns severely impacted the business sector However this level of delinquency is significantly lower than the average lateness since Nationally of bills were late in the first quarter up from at year s end Like California the rate is still historically low American tardiness has averaged during the last years California s market also has its challenges Job creation has slowed to a crawl The state remains unaffordable for the masses The Trump administration s America First thinking collides with California s globally oriented business conditions Consumer confidence is also down That monetary angst can be discovered in the slowdown in Californians taking on new debts In the first quarter total borrowings increased at an annual rate of only That s well below the development pace since It s a similar picture across the nation Borrowings are up in a year vs a average upsurge Home sweet home The New York Fed tells us Californians are getting better with home loans which are of all consumer debts statewide Just of mortgage balances were days or more late to start That s down from at year s end Although we ll note that the late mortgage level in the fourth quarter of was the highest since the second quarter of And lateness is historically low below the average late home loans since Equally noteworthy is that California s improvement rate comes as more Americans fail to make timely payments on mortgages which are of all U S consumer debts In the first quarter of U S home loans were late the worst payment pace in five years That s up from at year s end but this is still comfortably below the historical norm There is a rising level of deeply troubled homeowners California had new foreclosures per consumers in the first quarter That s the highest since the first quarter of and up from at year s end But to be fair it s also nowhere near the per average since Same story nationally with U S foreclosure starts per consumers up from at year s end but off the historic pace Jonathan Lansner is the business columnist for the Southern California News Group He can be reached at jlansner scng com