Debt Consolidation in Action: New Mexico

What you need to know about your local situation with debt.

Statistics show that many New Mexico residents are having a hard time overcoming challenges with debt – and credit card debt is usually the least of people’s problems. From one in five student loans in default to nearly one in four homes facing issue with negative equity, the challenges residents face are everywhere. Luckily, families are taking action to meet these challenges head-on.

The information below can help you understand the situation with debt that you and other New Mexico residents currently face. If you’re facing issues with debt and need help finding solutions that fit your situation, call us at or complete an online application to request a free consultation with a certified credit counselor.

Debt Statistics in New Mexico

Here’s what the current situation with consumer debt in New Mexico really looks like:

  • Average credit card debt: $4,920 per borrower[1]
  • 90-day credit card delinquency rate: 1.52%
  • Average student debt: $18,656
  • Student loan default rate: 20.80%
  • % of homes underwater (mortgage more than value): 22.25%
  • Mortgage delinquency rate for underwater homes: 5.96%
  • Average debt in collections: $4,900

https://www.consolidatedcredit.org/wp-admin/post.php?post=12766&action=edit#

[1] https://www.washingtonpost.com/blogs/govbeat/wp/2013/08/20/ranking-the-states-credit-card-debt/

All other statistics brought to you by America’s Voice on Debt (AVOD)

Patricia from Clovis, NM

The service has been excellent!!! I couldn’t be happier.

Where she started:

  • Total unsecured debt: $14,418.00
  • Estimated interest charges: $8,397.86
  • Time to payoff: 13 years, 4 months
  • Total monthly payments: $576.72

After DMP enrollment:

  • Average negotiated interest rate: 9.95%
  • Total interest charges: $3,360.37
  • Time to payoff: 4 years, 4 months
  • Total monthly payment: $346.00
Time Saved:
9 years
Monthly Savings:
$230.72
Interest Saved:
$5,037.49