For New Mexicans struggling with payday, student, auto, medical or other types of debt, you can rest assured you’re not alone. New Mexico ranks below average in unemployment (4.6%) and has a concerning poverty rate of 20.90%.
The average New Mexican has $3,366 in personal debt, plus $160,967 of mortgage debt per capita. On average, residents have an open credit card balance of $7,151 and 54% of residents have a student loan, the average amount of which is $21,237 . Each year approximately 2,981 New Mexicans declare bankruptcy If this is you, there are New Mexico debt consolidation options to help you reach your financial goals.
No matter whether you live in Albuquerque, Las Cruces, Santa Fe, or somewhere else in the great state of New Mexico, take charge of your financial situation and consider consolidating your debt load.
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The Best Debt Consolidation Companies in New Mexico (updated 2020)
Finding a legit debt consolidation firm can be tough. We’ve done the research and picked the [n] best debt consolidation firms in the state of New Mexico. Our criteria includes online reputation, breadth of services offered, and demonstration of expertise. All have at least an A rating with the Better Business Bureau.
Money Management International, Inc.
2727 San Pedro Dr NE Ste 107
Albuquerque, NM, 87110
(800) 308-2227
http://www.moneymanagement.org
Rating: 9.19/10
Credit Connections, LLC
–
Farmington, NM, 87401-2149
(844) 756-7462
–
Rating: 9.3/10
New Mexico Debt Statistics
| Total Debt | $7,057,656 |
| Debt Per Capita | $3,366 |
| Debt Per Capita Rank | 22 |
Source: World Population Review
New Mexico Credit Card Debt Statistics
| Average Credit Card Balance | 686 |
| Average Credit Score | $7,151 |
| Avg Credit Card Balance Rank (1 = Highest Balance) | 4 |
| Avg Credit Score Rank (1=Highest Score) | 20 |
Source: Experian
Mortgage Debt in New Mexico
| Mortgage Debt Per Capita | $160,967 |
| Avg 30 yr Mortgage Rate | 4.07% |
| Avg 15 yr Mortgage Rate | 3.58% |
| Median Home Value | $197,400 |
| Avg Outstanding Mortgage Debt | $161,271 |
| Difference Between Value and Mortgage Debt | $36,129 |
| Avg Homeowner FICO Score | 686 |
Source: Federal Reserve, Value Penguin, Experian
Payday Loan Debt in New Mexico
| Payday Loan Legal Status | Legal |
| Max Payday Loan Amount | nan |
| Max Payday Loan Term | nan |
| Max Payday Loan APR | nan |
Source: New Mexico Government Website
Unemployment and the Economy of New Mexico
| Poverty Rate – Population | 20.90% |
| Poverty Rate – Population – Rank | 2 |
| Poverty Rate – Family | 16.10% |
| Poverty Rate – Family – Rank | 2 |
| Unemployment Rate (March 2020) | 5.9 |
| Unemployment Rank | 46 |
| GDP Growth | 4.6 |
| GDP Growth Rank | 3 |
Source: US Census, Bureau of Labor Statistics
Student Loan Debt in New Mexico
| Percent of Population with Student Loans | 54% |
| Average Student Loan debt | $21,237 |
| Average Debt of New Graduates (2017-18) | $21,858 |
| Average Debt Rank | nan |
| Percent of Graduates with Debt (2017-18) | 49% |
| Percent with Debt Rank | nan |
| Usable Institutions (BA-Granting) | 5 |
| Percent of Graduates at Schools with Usable Data | 91% |
| Nonfederal debt of graduates, as percent of total debt | 12% |
| Fall enrollment – Undergraduate total (IPEDS) | 117,237 |
| Tuition and Fees (in-district/in-state) | $4,630 |
| Total Cost of Attendance (on-campus) | $20,395 |
| Percent of Institutional Grants that are Need-Based | 75% |
Source: Value Penguin, TICAS
Cost of Living in New Mexico
| Annual Mean Wage (All Occupations) | $45,400 |
| Median Monthly Rent | $1,200 |
| Value of a Dollar | $1.07 |
| Cost of Living | 87.5 |
| Cost of Living Rank | 5 |
| Grocery Cost Index | 100.9 |
| Housing Cost Index | 77.7 |
| Utilities Cost Index | 87.9 |
| Transportation Cost Index | 91.6 |
| Miscellaneous Cost Index | 100.1 |
Source: World Population Review