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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.
Debt Consolidation In The News
BRUSSELS (Reuters) - Euro zone creditors are expected to disburse new loans to Greece this month and are working on debt relief measures, the head of the bloc's finance ministers said on Monday, steps that should help underpin its economic recovery.
Published: Mon, 12 Mar 2018 13:40:00 GMT
The code has been copied to your clipboard. The URL has been copied to your clipboard A group of past students at the former Corinthian Colleges are taking legal action against the United States Department of Education. In early March, the former students ...
Published: Sun, 25 Mar 2018 03:02:00 GMT
As Economy Picks Up Speed, Americans Pick Up Pace of Unloading Personal Debt LOS ANGELES, CA, March 05, 2018 /24-7PressRelease/ -- Debt consolidation and credit card debt relief programs have become increasingly sought after and used by more Americans as ...
Published: Mon, 05 Mar 2018 00:07:00 GMT
Legislators turn their attention to problems facing student borrowers, backing bills that would keep them from being overwhelmed by loan repayments New Jersey lawmakers, who were disturbed in the last legislative session by the practices of the agency that ...
Published: Thu, 12 Apr 2018 05:00:00 GMT
The joint IMF-World Bank comprehensive approach to debt reduction is designed to ensure that no poor country faces a debt burden it cannot manage. To date, debt reduction packages under the HIPC Initiative have been approved for 36 countries, 30 of them ...
Published: Wed, 07 Mar 2018 16:00:00 GMT
The federal government and 11 states have joined together to accuse 30 purported debt relief operations of using deception and false promises to swindle more than $95 million from student loan borrowers. "Operation Game of Loans" - the eyeroll-worthy ...
Published: Fri, 13 Oct 2017 10:44:00 GMT
GCredit card consolidation refers to merging all your existing debt into one loan, which is different than restructuring your debt, which refers to renegotiating the terms or amounts of your debt. Using credit card debt consolidation as a debt management ...
Published: Sat, 30 Dec 2017 20:00:00 GMT
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