The United States seems comfortable with debt. It had consequences during the recession but recovery is well underway. The financial sector suffered as well but there is an optimistic strand within the sector that has taken a very positive view of the future. Even those with a poor credit history are able to borrow money if they can show that they can afford to pay the money back by installment. An economy looking for growth needs consumer confidence and spending is a reflection of that. California is such an important State within the country that how its economy is performing inevitably has a major impact on the national economy as a whole.
There is only a handful of countries in the world that have a larger economy than California. It is comfortably the biggest economy in the USA, representing almost 14% of the whole. As a result it obviously has a broad cross-section from millionaires down to the poor and unemployed. The unemployment rate is around the national average at 5.5%. It fails to get into the top 10 States for per capita GDP however and there are poor regions, notably the Central Valley where migrant workers earn less than the minimum wage. The poverty percentage at 23.5% is the highest in the USA and despite having 12% of the US population, its inhabitants receive over 30% of the national welfare budget. While clearly many retired people are within that figure there is also a significant number that receive welfare because of their weekly earnings. Continue reading “Great convenience with Installment loans in California “