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Debt Consolidation in New Mexico

Across many dimensions of consumer debt, residents of New Mexico fare well in comparison with the rest of the United States. For example, the state is ranked 50th overall with respect to the amount of debt that college graduates have upon completing their studies, with an average student loan balance of $18,656. Only 54% of college graduates have student debt, placing New Mexico in 40th place.

New Mexico has one of the lowest bankruptcy rates in the United States, with approximately 3,318 individuals filing for bankruptcy in an average year, or 1.70 filings for every 1000 state residents. Debt consolidation is one technique used by residents to avoid the need to pursue bankruptcy as a means of managing financial difficulties.

Foreclosure rates in New Mexico are relatively low as well. Overall, one out of every 1932 homes in the state are in foreclosure; in harder-hit counties such as Bernalillo and Valencia, that rate averages slightly more than one in every 970 homes.

Looking at credit card debt, however, New Mexico ranks 10th. An average credit holder in the state carries a balance of $7,692.55. As consumers struggle to pay off those credit card balances, they may consider debt consolidation to prevent larger problems in the future.

Because of its location on the border of the United States and Mexico, New Mexico has greater challenges in the context of medical debt and uninsured immigrants. More than 50,000 residents of the state do not have access to affordable health care because their immigration status prevents them from acquiring affordable medical insurance plans on the exchanges.

New Mexico law does require debt collection agencies to both be licensed by the state and to have a surety bond in the amount of $5,000.

 

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Debt Consolidation In The News

Do you have student loan debt Don't fall for this scam

Recently, the Federal Trade Commission reached two multimillion-dollar settlements with a student debt relief company and a law firm. Under the settlement, the student debt relief company, Strategic S...

Published:  Sun, 15 Jul 2018 16:59:00 GMT



The New Toll of American Student Debt in 3 Charts

In that time, parents' average debt load at graduation for federal PLUS loans rose 14 percent, or $4,090, to $33,291 in 2015-16 from 2011-12. "Parents are a pressure-relief valve for when students hit ...

Published:  Fri, 13 Jul 2018 03:18:00 GMT



One loan vs many: Is debt consolidation the answer

PETALING JAYA: For those who are left with only meagre funds in their bank accounts after paying their personal loans every month, debt consolidation can sound like a very attractive prospect. Debt co...

Published:  Sat, 23 Jun 2018 05:00:00 GMT



Nearly 35,000 former Corinthian College students in California will see debt relief

Almost 35,000 former Corinthian College students in California will have the remainder of their private loan balances forgiven and some may receive payment refunds after an investigation by the state ...

Published:  Fri, 15 Jun 2018 03:30:00 GMT



IMF: Greek economy improved, but may need more debt relief

ATHENS, Greece (AP) - Greece has significantly improved its economy as it heads toward the end of its bailout program in August, but its debt will remain difficult to manage in the long term, the Inte...

Published:  Fri, 29 Jun 2018 12:41:00 GMT



How Greece's PM celebrated European debt relief package

Greece's Prime Minister has welcomed the decision by eurozone creditors to offer debt relief - and marked the occasion by wearing a tie. Alexis Tsipras often joked that he would start wearing a tie on...

Published:  Fri, 22 Jun 2018 15:48:00 GMT



Best Debt Relief Companies In Baltimore Named By Best Debt Settlement Companies

Best Debt Settlement Companies recently reviewed and launched the list of top three debt relief companies that can help Baltimore residents get out of their mounting credit card debts. New York, Unite...

Published:  Tue, 05 Jun 2018 01:14:00 GMT



Student loan debt relief company barred from Mass. operations

BOSTON - United Advisors Group LLC, branded as a student-loan debt relief company, has agreed to stop operating in Massachusetts after allegations that it charged unlawful upfront fees and misled cust...

Published:  Tue, 12 Jun 2018 12:15:00 GMT



Best Debt Relief Companies In Baltimore Named By Best Debt Settlement Companies

Best Debt Settlement Companies recently reviewed and launched the list of top three debt relief companies that can help Baltimore residents get out of their mounting credit card debts. Baltimore, MD - ...

Published:  Tue, 05 Jun 2018 01:14:00 GMT




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