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New Mexico

New Mexico’s license plates carry the state’s slogan “Land of Enchantment.” However, there is one thing about the state that isn’t very enchanting and that’s its median household income of $43,028 – which puts it a good deal lower than the U.S. median household income of $51,017.

The state’s population is 2,059,179, which ranks it 36th among all states. It is 121,589 square miles in size and so is our fifth largest state. As you might gather from these two statistics, New Mexico is a bit empty with just 17 people per square mile.

Probably the most important event that ever occurred in New Mexico was the detonation of the world’s first atomic bomb. It was designed and manufactured in Los Alamos and detonated in the White Sands Testing Range near Alamogordo. The world’s largest hot air balloon festival is held in Albuquerque each October. The state’s present day boundaries were drawn by congress in 1863 but New Mexico didn’t become a state until 1912.

The people of New Mexico have average credit card debt of $6820. This puts it about $1300 higher than the US average credit card debt of $5235 per borrower. New Mexicans have an average credit score of 730. This puts them in the range of “very good to excellent” credit. However, homeownership is only 68.6%.

Given New Mexico’s population you probably won’t be surprised that it’s total labor force numbers only 773,860. The largest segment of this is Office and Administrative Support Occupations with 121,700 employees. The state’s second largest segment of its labor force is Sales and Related Occupations with 74,110 workers. And its third largest is Food Preparation and Serving Related Occupations with 73,580 employees.

New Mexico’s largest city is Albuquerque with a population of 545,852. The state’s second largest is Las Cruces. Its population is 97,618. The third largest is technically Enchanted Hills with 87,521 residents. However, it is a housing development within Rio Rancho, which is basically a suburb of Albuquerque.

New Mexico’s unemployment rate is a fairly reasonable 6.4%. Albuquerque’s unemployment rate parallels this at 6.3%. Las Cruces is a bit better at 6.0%. There are no unemployment numbers available for Enchanted Hills but the state’s fourth-largest city, Santa Fe, had an unemployment rate last year of just 4.6%.

Credit Card Debt Reduction Services in New Mexico

Debt Relief Options and Laws in New Mexico

Our debt relief services are available in New Mexico! There is help for those struggling with unsecured debts. Our debt consultants are always ready to speak with you and give you a free consultation – you can call now:

(888) 703-4948

We provide debt settlement and debt consolidation services in the state of New Mexico. Debt settlement is a way to reduce your debts with your creditors into one low monthly program payment. This method is amazing for people who are experiencing the financial hit from the economy. Ideal participants in such programs are those who are seeing less income, have medical issues or are simply overwhelmed by debt.

However, you may not have to even apply for debt settlement if the statute of limitations is up in your state and the debt no longer appears on your credit report. Legally, credit companies must recover the debt in a period of time specified by the state or the debt is no longer recoverable after this time period. Read on to find out if the statute of limitations is up for you.

Debt Collection

(This is intended to be a helpful and informational debt resource for New Mexico consumers and does not constitute legal advice.)

New Mexico follows the set of federal laws dealing with collection agencies (and law firms that collect debts) that are collectively known as the Fair Debt Collection Practices Act (FDCPA).

Maximum Interest Rate a Collection Agency Can Charge in New Mexico: 15%

New Mexico Wage Protection: 75% of disposable weekly earnings (after tax income) or 40 times federal hourly minimum wage, whichever is greater.

Statute of Limitations

A statute of limitations is a law that sets forth the maximum period of time, after certain events, that legal proceedings based on those events may be initiated. For debt, the statutes of limitation apply to the maximum period of time after a consumer has become delinquent on their payments. The key point to remember is that you are considered delinquent not from the date of your last payment, but rather the day after you have gone past due. In other words, if you made your last payment on 3/3/03 and your next payment was due the same day of the next month, the statute of limitations on the debt would not start running until 4/4/04. The statutes of limitations vary from state to state and depend on the type of debt and where the original transaction took place (i.e. if you took the loan out in California but currently live in New Mexico, the applicable statutes of limitations would be California’s).

Oral Agreements: 4 years
Written Contracts: 6 years
Promissory Notes: 6 years
Open Accounts (credit cards): 4 years

get debt relief helpWhether you have unsecured credit cards, medical bills, personal loans or collection accounts, there’s help for you. The National Debt Relief Group offers a free consultation. You can fill out our Short Application and one of our debt specialists will contact you within minutes, or you can call now – (888) 703-4948.

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