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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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