New Mexico Debt Statistics


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Steve Goldstein
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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

Proponents of New Mexico debt argue that borrowing money can be beneficial for the state’s economy in the long run. By issuing bonds, the government can finance projects that stimulate economic growth, such as improving public transportation, building schools, and investing in renewable energy. These types of investments can create jobs, attract businesses, and improve the quality of life for residents.

Furthermore, some argue that taking on debt can be a strategic decision, especially when interest rates are low. By borrowing money at favorable rates, the state can leverage its financial position to make critical investments that would not be possible with existing revenues alone. This approach can help New Mexico address pressing needs and take advantage of opportunities for growth and development.

However, there are also concerns about the potential drawbacks of accumulating too much debt. High levels of debt can lead to increased interest payments, which can divert funds away from essential services and infrastructure projects. Additionally, excessive debt can harm the state’s credit rating, making it more expensive for New Mexico to borrow money in the future.

It is essential for the New Mexico government to strike a balance between using debt as a tool for progress and ensuring that its financial obligations are sustainable. Sound fiscal management, transparency, and accountability are crucial to ensuring that debt is used responsibly and effectively. It is also important for state policymakers to prioritize investments that have long-term benefits for residents and the state’s economy.

Ultimately, the usefulness of New Mexico debt will depend on how it is utilized and managed. Debt can be a powerful tool for investments that promote economic growth and improve quality of life. However, it must be used judiciously and in a manner that safeguards the state’s financial stability. By approaching debt with caution and diligence, New Mexico can harness its potential benefits while mitigating potential risks.

As the state continues to navigate complex fiscal challenges and pursue opportunities for growth, it will be imperative for policymakers to carefully evaluate the costs and benefits of taking on debt. By making informed decisions and prioritizing the long-term interests of residents, New Mexico can position itself for a more prosperous and sustainable future.

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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