How to Eliminate Debt in New Mexico

The beautiful badlands of northern New Mexico show why tourism ranks so high on the state’s economic fortunes.

New Mexico is rich in a history filled with fighting between many cultures both native and foreign.

Native Americans ruled the territory before the arrival of the Spanish in 1598. The Spanish then colonized the area which led to nearly two centuries of fighting as the natives tried in vain to take the territory back and make it their own again. Finally in 1789, a peace treaty was signed and the two factions lived together until Mexico interceded in 1821 and won independence from Spain establishing their own republic.

In 1846, the United States decided it was America’s turn to claim the land as its own. Finally in 1912 after several wars had been fought, New Mexico officially became a U.S. state.

New Mexico’s economy is closely aligned with the federal government. Almost half of the state’s land is under federal protection by agencies such as the National Park Service. The U.S. government also maintains military and research bases throughout the state which includes several Air Force bases, missile ranges and the federal research facilities at Los Alamos National Laboratory and Sandia National Laboratories.

Beyond the federal government’s economic ties to the state, tourism thanks to New Mexico’s glorious parks is a huge industry. Yet the biggest income sector comes from natural resources like oil and gas.

The Overall Debt Situation in New Mexico

New Mexico is 17th in the nation in credit card debt at a $7,952 average per household even though the state’s average credit score is ten points below the national average.

Although $7 billion in student loan debt doesn’t make the state’s schools debt free, they are on the right track. At just $21,314 per student on average, New Mexico boasts the second lowest student loan debt rate in the nation.

The largest cities in New Mexico include Albuquerque – the largest by population – followed by Las Cruces, Rio Rancho, Santa Fe and Roswell.

New Mexico Debt Fast Facts

  • Population: 2.1 million
  • Median Household Income: $47,169
  • Average Credit Score: 659 (the national average is 669)
  • Average Credit Card Debt: $7,952
  • Average Student Loan Debt: $21,314
  • State Debt Total: $7.7 billion

Debt Relief Laws That Protect New Mexico’s Residents

Disclaimer: The information shared herein is intended to be a free resource for New Mexico consumers looking to dismiss debt and does not constitute legal advice.

Whether battling credit card debt, medical debt or private student loan debt, New Mexico has long been known for passing laws that aggressively protect its citizens.

If you are embroiled in a deepening debt situation in New Mexico, Resolvly can help find an expert team of seasoned debt resolution lawyers to help eliminate debt or at least dismiss debt as soon as possible.

The Fair Debt Collection Practices Act

There are many ways to find debt relief and fight harassing debt collectors and avoid or defend a debt lawsuit. In one case, every consumer has specific rights invoking the federal laws outlined in the Fair Debt Collection Practices Act (FDCPA).

The FDCPA as it relates to New Mexico residents specifies how to eliminate debt by enforcing your consumer rights against harassing debt collectors. For example, a collector can only call an individual between the local hours of 8am and 9pm. In addition, collectors cannot harass individuals or threaten a citizen with bodily harm or the potential of arrest.

New Mexico locals in debt also have the ability to stop collectors from repeat callings by sending a physical letter to the agency requesting a cease and desist from the pestering calls. If the FDCPA is violated, a debt resolution company can find you debt defense attorneys who can help you get out of debt and also seek damages and attorney fees.

The Fair Credit Reporting Act

Another consumer protection law designed to assist New Mexico residents from false or misleading credit information is the Fair Credit Reporting Act (FCRA). The FCRA protects the privacy and accuracy of your personal credit history. If an entity violates your rights outlined in the FCRA, there are legal actions that could not only dismiss debt, but earn monetary damages in addition to the recoupment of attorneys’ fees.

There are other debt collection acts unique to the state of New Mexico that a debt resolution attorney can use to defend you in case of a debt lawsuit.

Let Resolvly Find The Right Debt Relief Lawyer

When it comes to dealing with debt – whether medical debt or credit card debt – ignoring the problem won’t make it go away. Utilizing the legal referral service of Resolvly, can help you hire a lawyer to get out of debt by helping you understand your specific circumstances, and clear the path to debt relief and debt resolution.

We work with consumer protection lawyers trained in debt relief to protect your rights, fight harassing debt collectors and hopefully eliminate debt completely.

Resolvly helps you hire a lawyer to help dismiss debt so that you can live debt free. Our goal is to help you attain true financial freedom and debt resolution. We offer a free consultation designed to refer you to a consumer defense attorney who will work to eliminate your debt. Simply call 866-955-5047 to speak with a debt freedom specialist who will help guide you on the path toward debt resolution so you can once again be debt free.

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