Based in the Southwest, New Mexico is known for its adobe-style homes and desert landscape. It is part of the Four Corners region, which it shares with Utah, Colorado, and Arizona.
Interestingly, the state is also known as the hot-air ballooning capital of the world, and it hosts a two-week festival for hot-air balloon devotees every fall. It also has a food culture dominated by enchiladas, tamales, and Chiles Rellenos, which are loved by its residents and tourists.
As charming and lovely as New Mexico is, residents commonly face financial troubles caused by mounting credit card debt, increased cost of living, and rising taxes. The state ranks among the lowest for per capita income, as few large businesses have set up in the region. It also has one of the lowest rates of English speakers, at 63.96%.
All of these factors result in a state whose residents have to struggle to meet their daily needs, to say little of being able to pay off existing debt. However, there are programs available for New Mexico debt relief.
The average individual in New Mexico has $3,346 in credit card debt, ranking just below the median average of $3,705 held in debt across the United States. In addition, housing prices have climbed by 18% year over year, leaving families in the difficult position of handling rising mortgage costs and higher rents.
A recent study showed that rising inflation — already a problem throughout the entire nation — has hit New Mexico and several other mountain states the hardest, with residents shelling out an average of $511 more per month than they did a year ago.
All of these costs have led residents of New Mexico to lean on their credit cards for additional relief. However, using credit cards to handle rising expenses results in more debt, which can be a never-ending cycle to deal with when you’re only able to make a small dent each month.
Rather than spending money on interest that benefits only banks, you could be saving for your retirement. Learning about New Mexico debt relief programs can start you on the right path.
To discover how long it will take to pay off your credit card debt using only minimum payments — and how much interest you’ll pay while doing so — use our convenient calculator below.
If you live in the charming state of New Mexico and are having difficulties managing your credit card debt, you’re not alone in your frustration. The following options may be available to you, allowing you to obtain New Mexico debt relief: