InCharge provides free, nonprofit credit counseling and debt management programs to California residents. If you live in California and need help paying off your credit card debt, InCharge can help you.
If you’re a Californian dealing with credit card debt, we can help you. InCharge provides free credit counseling to residents in all 50 states, including California.
California has the third-highest cost of living, trailing only Hawaii and Alaska. But its per-capita income of $30,441 ranks 15th among the states.
That means it can be hard to make ends meet in California. The state passed a bill in 2016 that will raise the minimum wage to $15 an hour buy 2022.
Critics say that won’t ease the financial strain that drives people to become dependent on credit cards. The average Californian carries $5,769 in credit card debt, and the delinquency rate is 1.3%.
Another crunch is housing. The average California home costs $440,000, about two-and-a-half times the national average of $180,000. One study found that only 30% of California households could afford to buy a home.
But the next option isn’t cheap. The average California rental unit costs $1,240 a month, which dwarfs the national average of $840.
Almost 110,000 Californians filed for bankruptcy in 2014. That is the best strategy in some cases, though the long-term ramifications warrant serious deliberation.
There’s a lot of wealth, but it is concentrated in a few areas. California passed France as the world’s sixth-largest economy in 2016. It has a gross domestic product of $2.5 trillion.
The economy is based on technology, agriculture and manufacturing. Four of the world’s 10 largest companies are headquartered in California, including Facebook and Alphabet Inc., the parent company of Google.
The booming technology sector has helped California survive and is some cases thrive during the Great Recession. The state’s economy grew 4.1% in 2015, far better than the national average of 2.4%.
On the down side, thousands of businesses have left for states with lower taxes and less regulation. California’s state income tax of 13.3% is the nation’s highest..
A certified credit counselor can guide financially-strained consumers through their options. InCharge is nationally accredited a has been helping Californians eliminate debt for decades. Learn which states have the most credit card debt.