Whether through phone calls or letters, if you’ve become delinquent on a credit card bill, medical bill or other form of debt, you may be subject to attempts at debt collection.ĭebt collectors must adhere to rules and regulations set forth by the state of California, as well as federal consumer protections. If you’re in debt, you may be familiar with the practice of debt collection. Source: Federal Reserve Bank of New York, March 2019
In this article, we’ll cover debt collection practices, state debt-relief programs, payday lending, and filing for bankruptcy, along with some tips on how to tackle debt in California.ĭebt in California: At a glance California Debt Californians also have an average of $3,610 in credit card debt, the ninth-highest level of such individual debt in the United States.Įach state has unique laws and regulations to manage debt, including California. On average, Californians have $55,920 in mortgage debt, which is the highest rate of any state in the nation and second only to Washington, D.C. On behalf of them, I thank you for your interest and continued support.Unmanageable debt can affect consumers’ credit scores and overall ability to buy a home, finance a car and make other major financial decisions.Ĭalifornia is known to be expensive for housing and its citizens have the mortgage debt to prove it. I will always welcome your feedback on how we are doing.īy executing these responsibilities for California-the Golden State-my aim is to create tangible benefits for current and future generations of Californians. My goal is to use this openness to build trust with the various stakeholders we interact with daily. In addition, the STO manages three savings programs helping individuals with disabilities, families saving for their children’s college education, and private-employees who lack an employer-sponsored retirement savings plan.Īn integral part of my approach to this office is to be transparent and provide all Californians with a more user-friendly way to access the workings of this office.
In addition to these banking and investment activities, the Treasurer serves as the agent for the sale of all state bonds and is the trustee on a majority of the state’s outstanding debt. The STO oversees an investment portfolio that has averaged more than $100 billion during my administration, and had grown to over $200 billion, about 15% of which are funds beneficially owned by more than 2,200 local governments in California. Funds held in the treasury that are not needed immediately are invested in safe, liquid securities designed to use the state’s financial resources efficiently. One of the primary duties of the Treasurer is to provide transparency and oversight for the state’s investment portfolio and bank accounts. Typically, the STO manages approximately $2.5 trillion in banking transactions within a fiscal year. The STO managed in excess of $3.1 trillion of banking transactions this past fiscal year a significant increase attributable to pandemic-related transactions. The State Treasurer’s Office (STO) was created in the California Constitution in 1849. The Treasurer provides financing for our schools, roads, housing, levees, public health facilities, and other crucial infrastructure projects that better the lives of all Californians. Here’s a look at our accomplishments in 2021. Welcome to the California State Treasurer’s website for California’s stakeholders.Īs California’s Treasurer, I appreciate your continued interest and the commitment to California’s success it demonstrates.
Working together and following safety guidelines is our best hope for saving lives and defeating the pandemic. Over these recent months, we have responded by conducting meetings by phone, remaining vigilant about cleaning and washing hands, and following guidelines for telecommuting so our employees and the public remain safe from the deadly COVID-19 virus and its variants.
Similarly, the 16 boards, commissions and authorities that I chair will continue to serve the public, hospitals, businesses, and help spur housing and economic development.Īs we carry on our work, we are always conscious that the safety of our employees is crucial to our success. We will keep managing the approximate $3.1 trillion in banking transactions, continue selling bonds and managing bond debt, and carry on managing the state’s investment portfolio, which has averaged more than $100 billion in assets over the course of my administration. But one thing certain is that the California State Treasurer’s office will faithfully carry out our vital role as the state’s banker, and do so in a way that protects the public's funds.