The Land of Enchantment is best known for its rich history and beautiful landscape. Many tourists flock to New Mexico to explore White Sands National Park, enjoy the world’s largest hot air balloon festival, and catch performances at the Santa Fe Opera. Regrettably, many New Mexicans are unable to take advantage of everything their state has to offer due to overwhelming debt. If you’re struggling to take control of your finances, Accredited Debt Relief may be able to help you take your first steps towards financial freedom.
New Mexico Financial Facts
- New Mexico's debt-to-income ratio is 1.526.
- New Mexico's average resident has a credit card balance of $8,323 and a median annual household income of $46,744.
- The median home value in New Mexico is $203,675, and Zillow predicts that it will rise by about 2.8% in the next year.
Why Should I Make Getting Out of Debt a Priority?
Debt can weigh you down and feel impossible to move past, but it’s critical that you work your way out of it. Paying off financial obligations allows you to put your money towards the things in your life that really matter, like vacation funds, preventative care, education and retirement. Your credit score will likely improve as you pay off your debts, which can help you secure better interest rates and lower insurance premiums.
Your health can also be impacted by your debt - reducing debt often leads to less stress, higher-self esteem, better cognitive function and improved mental health. Becoming debt free can also improve your relationship with your spouse, family and friends, as the strains that worrying about money can cause will no longer be lingering.
Although the benefits of being debt-free may feel far out of reach, it’s possible to overcome your debt with hard work and determination. If you have been unsuccessful in paying your debts off on your own in the past, it may be time to contact a debt relief organization and explore your options.
New Mexico Debt Consolidation
With an A+ rating from the BBB and years of collective experience, the skilled team at Accredited Debt Relief is ready to help individuals throughout the state of New Mexico. Whether you’re from Albuquerque, Santa Fe, Roswell, Las Cruces or elsewhere in the Land of Enchantment, we are happy to provide you with a free, no obligation consultation. Contact us today to learn more and begin your journey to a debt-free life.
Chamber of Commerce: https://www.chamberofcommerce.org/credit-card-debt-by-state
Federal Reserve State Level Debt-to-Income Ratio, 1999 - 2018: https://www.federalreserve.gov/releases/z1/dataviz/household_debt/state/map/#year:2018