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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

Closed-End Funds Seeing Consolidation

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Published:  Fri, 16 Nov 2018 23:00:00 GMT

Watching Your Wallet: Company offering to help lower student debt under investigation

When she got a phone call from a company called Student Advocates, telling her she may qualify for student loan debt relief, she jumped at the chance. "They told me they wanted to see if I qualify for ...

Published:  Fri, 16 Nov 2018 12:52:00 GMT

Common Debt Consolidation Terms

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Published:  Thu, 18 Oct 2018 08:00:00 GMT

Trump Loses To Obama With Student Debt Relief Ruling On For-Profit Colleges

The for-profit college industry will further challenge an Obama-era rule granting student debt relief despite the mandate going into effect this week. Trump's Department of Education, criticized for s...

Published:  Fri, 19 Oct 2018 04:32:00 GMT

A Plan for Debt Relief

As difficult as it may be to believe, there was a time when Republicans were known as the anti-debt and balanced budget party. Now, the GOP prefers to tout low unemployment as the debt soars and they ...

Published:  Mon, 22 Oct 2018 21:06:00 GMT

Make Debt 'Relief' Your Last Resort

Should you trust a debt relief company That's what we're looking at this week. Each Monday we're tackling one of your pressing personal finance questions by asking a handful of money experts for thei...

Published:  Mon, 08 Oct 2018 12:01:00 GMT

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