Credit card debt is a burden no matter where you are. If you’re not careful—and even if you are—it can easily spiral into owing more money than you can even imagine. It’s virtually impossible to keep up with payments. You can’t go on without help. But not just any help. Every state’s debt laws are different, and affect you in different ways. So if you’re living in New Mexico, then you need New Mexico debt help. Here are some things you need to know about debt in New Mexico.
When it comes to credit card debt, New Mexico ranks 22nd in the nation. The average debtor has about $4,920 in debt, which is 1% lower than the national average of $4,965. Likewise, the rate of delinquency is also slightly lower, with 0.55% of people who are more than 90 days past due with a payment. That’s 4% less than the national average of 0.57%.
Unfortunately, the average credit score in New Mexico is a bit below average, at 683, compared with 696 for the nation. And at 19.8%, the number of people living in poverty is significantly higher than the national average of 12.7%.
The statute of limitations for debt in New Mexico is six years for contracts. All other types of debt have a statute of four years. However, while most other states start the statute clock at the time the last payment was made, New Mexico starts it a little later, at the moment the debt becomes delinquent and the creditor gains the right to sue.
If you want to get your debt under control, one of the best things you can do is consolidate it. You can take your multiple credit card payments and reduce them to a single, low monthly payment, that’s easy to manage. If your debt is past that point, there are other options as well. You can renegotiate your debt to pay a lower amount. You can even file for bankruptcy. But whatever you do, you really shouldn’t do it without someone in your corner.
At Americor, we understand debt law. We know how New Mexico’s debt statutes are different from those of, say, Arizona. So we can give you more than just a cookie cutter solution. We can provide you with the personalized help you need to get out of debt and start living financially free.