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Why Personal Debt Looks Healthy Despite Worst Year for Jobs
Erica Wood is photographed in her car near her home in San Diego on Feb. 6, 2021. Wood owns a small mobile piercing business but has been able to work due to COVID-19 restrictions. While struggling with unemployment benefit, she took out a title loan on her car and is now in debt as a result. Photo by Peggy Peattie for CalMatters
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On paper, the Golden State appears to have escaped 2020 without a personal debt crisis. Despite an unprecedented 2.4 million jobs lost in the spring, Californians joined their fellow Americans in paying down interest-heavy debt such as credit card bills while acquiring wealth-building loans by taking out mortgages. In California, new mortgages jumped 10% even as real estate prices soared, suggesting an unexpected resistance to a prolonged pandemic. ....

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