The Best New Mexico Debt Consolidation Companies of 2020

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.

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 Rank22

Source: World Population Review

New Mexico Credit Card Debt Statistics

Average Credit Card Balance686
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 Rate4.07%
Avg 15 yr Mortgage Rate3.58%
Median Home Value$197,400
Avg Outstanding Mortgage Debt$161,271
Difference Between Value and Mortgage Debt$36,129
Avg Homeowner FICO Score686

Source: Federal Reserve, Value Penguin, Experian

Payday Loan Debt in New Mexico

Payday Loan Legal StatusLegal
Max Payday Loan Amountnan
Max Payday Loan Termnan
Max Payday Loan APRnan

Source: New Mexico Government Website

Unemployment and the Economy of New Mexico

Poverty Rate – Population20.90%
Poverty Rate – Population – Rank2
Poverty Rate – Family16.10%
Poverty Rate – Family – Rank2
Unemployment Rate (March 2020)5.9
Unemployment Rank46
GDP Growth4.6
GDP Growth Rank3

Source: US Census, Bureau of Labor Statistics

Student Loan Debt in New Mexico

Percent of Population with Student Loans54%
Average Student Loan debt$21,237
Average Debt of New Graduates (2017-18)$21,858
Average Debt Ranknan
Percent of Graduates with Debt (2017-18)49%
Percent with Debt Ranknan
Usable Institutions (BA-Granting)5
Percent of Graduates at Schools with Usable Data91%
Nonfederal debt of graduates, as percent of total debt12%
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-Based75%

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 Living87.5
Cost of Living Rank5
Grocery Cost Index100.9
Housing Cost Index77.7
Utilities Cost Index87.9
Transportation Cost Index91.6
Miscellaneous Cost Index100.1

Source: World Population Review