Consolidating debt in New Mexico can be a great way to lower your bills and make paying all your credit cards and other debts cheaper and easier.
How Much Debt is the Average New Mexico Resident in?
New Mexico’s unemployment rate was 4.8 percent in December 2019, much higher than the national unemployment rate of 3.5 percent, according to the Bureau of Labor Statistics.
New Mexico ranks 17th in the US in terms of average household credit card debt, with $7,952 – 14.9 percent less than the national average of $9,333 for indebted households.
Meanwhile, when compared to the national average FICO score of 703, the average New Mexico resident’s 2019 FICO score is significantly lower at 686, and ranks towards the bottom nationally, tied for ninth-lowest.
According to the St. Louis Fed, the house ownership rate in New Mexico was 67.4 percent in Q4 2018, slightly higher than the national average of 64.8 percent, while a recent Experian study indicates average mortgage debt of $160,967, down 0.7 percent from 2018 and putting it 29th in the country.
Meanwhile, Zillow reports that the median house sale price in New Mexico in 2019 was $206,353.
In terms of student loans, Experian data from 2019 shows that the average student loan debt per borrower in New Mexico is $33,610, up 8.8% from the previous year and 32.8 percent from the level in 2014.
Best Debt Consolidation Loans in New Mexico
Upgrade is a debt consolidation lender for those in New Mexico, APR is 5.94-35.97%. The term is 3-5 years and a max of $50,000.
Lightstream is a debt consolidation lender which has an APR of 4.98% with a loan term of 2-7 years. Their max loan size is $100,000.
Best Egg is a debt consolidator for New Mexico, APR is 5.99% for 3-5 years. The max loan is $50,000.
SoFi is a debt consolidator for New Mexico, APR 4.99-19.63%. The term is 1-5 years with a maximum of $100,000.
PenFed offers debt consolidation loans in New Mexico. The APR is from 5.99 – 17.99% for 1-5 years with a maximum of $50,000.
Avant is a debt consolidator than has an APR of 9.95 – 35.99% for 2-5 years. The maximum loan amount is $35,000.
LendingClub‘s debt consolidation loans have an APR 7-35%. The loan term is 3-5 years and the max you can borrow is $40,000.
Freedom Debt Relief also offers debt consolidation across the country but they don’t publicize their rates.
Check out a full list of debt consolidation lenders for New Mexico here.