New Mexico Debt Relief Guide
New Mexico is known as the “Land of Enchantment” for its captivating culture, cuisine, scenery and architecture. Tourism and military are two of the largest industries in the state, although the oil and gas industry accounts for a large part of the state’s economy, as New Mexico is the third-largest producer of crude oil and natural gases in the country. Unfortunately for New Mexico, the pandemic heavily affected their economy in 2020 as consumers raked in average credit card balances of $5,978.
“New Mexico is facing unemployment rates higher than national averages, and higher debt levels as a result,” says Gary Herman, president of Consolidated Credit. “New Mexico residents need to focus on paying down credit card debt and shoring up savings to ensure they can maintain financial stability in the face of this economic uncertainty.”