New Mexico Debt Statistics


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New Mexico Debt Statistics 2023: Facts about Debt in New Mexico reflect the current socio-economic condition of the state.

new-mexico

LLCBuddy editorial team did hours of research, collected all important statistics on New Mexico Debt, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a New Mexico LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will New Mexico Debt Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any word.

Top New Mexico Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 20 New Mexico Debt Statistics on this page 🙂

New Mexico Debt “Latest” Statistics

  • According to Experian, New Mexicans have $163,384 in mortgage debt, up 1.3% from the $161,271 that they owed in 2019.[1]
  • According to Stacker, since 2003, the nationwide total average auto loan balance per capita in New Mexico has increased from $2,960 to $5,210, an increase of around 76%.[2]
  • In the fourth quarter of 2021, 4% of all auto debt balances in the country were over 90 days delinquent.[2]
  • The average auto debt per capita in New Mexico is $5,320.[2]
  • From 2020 to 2021, total consumer debt balances climbed by 5.4%, or $772 billion, to reach $15.31 trillion, more than double the 2.7% growth that occurred from 2019 to 2020.[3]
  • Bankcard debt or standard credit card accounts increased by 7%, greatly above the country’s average of 38%.[4]

New Mexico Debt “Other” Statistics

  • According to statistics gathered by Experian, New Mexico ranks third in the country with an average of $23,461.[1]
  • According to Experian, consumer debt balances increased by 5.4% in Q3 2021 to $15.31 trillion, a $772 billion increase from 2020.[3]
  • The total mortgage balance grew by 7.6% over the previous 12 months to a total of $10.29 trillion in 2021, and the total auto loan and lease balance grew by 5.8% to $1.43 trillion.[3]
  • InCharge will endeavor to negotiate a reduction in interest rates to roughly 8% with credit card firms.[1]
  • According to Credit Summit, the average New Mexican has $3,366 in personal debt, plus $160,967 of mortgage debt per capita.[5]
  • On average, New Mexican residents have an open credit card balance of $7,151 and 54% of residents have a student loan, the average amount of which is $21,237.[5]
  • Personal loans, including those offered by alternative financial services, surged the greatest within this overall rise in consumer finance loans, rising 13.9% from June 2015.[4]
  • Retail loans may have a major detrimental influence on a borrower’s financial wellness, with rates of serious delinquencies for all retail borrowers approaching 10%.[4]
  • According to the US Census Bureau, New Mexico had a debt of $6,738,313,000 in 2015.[6]
  • The state debt in New Mexico per capita was $3,239. This ranked New Mexico 36th among the states in debt and 25th in per capita debt.[6]
  • There were 2,365 total bankruptcy filings in New Mexico in 2020, down 21% from a year prior.[1]
  • Credit ratings on average New Mexicans have a credit score of 694 the ninth-lowest number in the nation according to CNBC.[1]
  • In New Mexico, income withholding from an employee’s paycheck is used to collect 68% of child support.[7]
  • In New Mexico, the unemployment rate skyrocketed to double digit levels by April of 2020, reached 12.5% in July, and remained at 8.2% until the end of the year.[1]

Also Read

How Useful is New Mexico Debt

At its core, debt is simply borrowing money with the promise of paying it back with interest. For states like New Mexico, debt can be a means to fund important projects and investments that can benefit the population as a whole. It allows the state to build infrastructure, schools, and other essential services without having to rely solely on tax revenue or cutting back on essential programs. In this sense, debt can be a valuable tool for economic growth and development.

However, like any tool, debt can be misused and abused. Excessive debt levels can strain a state’s resources, leading to budget deficits and higher interest payments. This can place a heavy burden on future generations, who will be left to pick up the tab for the debts incurred today. In the case of New Mexico, where debt levels have been on the rise, there is a valid concern about the sustainability of the state’s financial position in the long term.

The usefulness of New Mexico debt ultimately depends on how it is used. If the debt is used wisely to fund investments that will generate long-term economic benefits, then it can be a valuable tool for the state. However, if the debt is simply used to paper over budget shortfalls or fund unsustainable programs, then it can become a liability that will drag down the state’s finances and limit future opportunities for growth.

It is important for policymakers in New Mexico to carefully consider the implications of taking on more debt and to ensure that any borrowing is done in a responsible and sustainable manner. Transparency and accountability are crucial in this process, so that taxpayers can have confidence that their money is being used wisely and effectively.

Ultimately, the usefulness of New Mexico debt will be determined by how it is managed and allocated. If debt is used thoughtfully and strategically to fund investments that will benefit the state and its residents in the long term, then it can be a valuable tool for growth and development. However, if debt is simply used to prop up unsustainable spending or kick the can down the road, then it can become a burden that will hinder the state’s progress and limit its potential. As New Mexico grapples with the challenge of managing its debt levels, it is crucial for policymakers to keep these considerations in mind and make decisions that will lay a solid foundation for the state’s future prosperity.

Reference


  1. incharge – https://www.incharge.org/debt-relief/credit-counseling/new-mexico/
  2. stacker – https://stacker.com/new-mexico/see-average-auto-loan-balance-capita-new-mexico
  3. experian – https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
  4. dallasfed – https://www.dallasfed.org/cd/ccc/
  5. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/new-mexico/
  6. ballotpedia – https://ballotpedia.org/New_Mexico_state_debt,_2004-2017
  7. state – https://www.hsd.state.nm.us/public-information-and-communications/newsroom/

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