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Consumer Debt Facts in Santa Fe

New Mexico Consumer Debt Accumulation by County

Santa Fe Consumer Debt Accumulation

$392 dollars in debt in 2016

The average Santa Fe resident accumulated $392 dollars in debt in 2016. Santa Fe citizens racked up a total of $32.6 million in debt in the 2016 fiscal year.

What are the Debt Consolidation Options available in Santa Fe?

Facing Debt: You have options

If you've got some serious debt accumulating, it can be extremely daunting. When the bills keep piling up, and you might not know where to turn to for help. Maybe you've heard a bit about debt consolidation but aren't too sure on how it can help you climb your way out from the hole you're in.

Debt consolidation doesn't have to be scary, and there are many options which will help you get out of debt faster. Research all of your options and then pick the one that works best for you and your financial situation.

Secured Debt Consolidation Loans in Santa Fe

Typically a secured debt consolidation loan allows you to lump most of your debt payments under a single bill at a lower rate than the individual rates you may have been getting. However, in order to secure a lower rate with a secured debt consolidation loan, you must have some type of asset to use as collateral, such as your home. More information on that can be found below.

How much of a loan you can get depends on the type of collateral you have and how much it's worth. These types of loans can also be repaid back over a long length of time, anywhere from 5 to 30 years, and they can often boost your credit rating if managed properly. Otherwise, you risk defaulting on the loan and losing the asset used as collateral.

Unsecured Debt Consolidation Loans in Santa Fe

Much like a secured debt consolidation loan, an unsecured debt consolidation loan lets you combine your debt payments under one lump sum with one interest rate. However, unlike a secured debt consolidation loan, you're not required to have an asset or collateral to receive such a loan.

Because you aren't offering up any collateral for such a loan, it's a much riskier loan for debt consolidators, and your interest rate could be somewhat high. These loans are determined according to your credit history and score, and the upside to an unsecured debt consolidation loan is that you aren't in jeopardy of losing your asset should you default.

Using a Home Equity Loan as Debt Consolidation in NM

A home equity loan lets you borrow money, using your home as collateral. This home equity loan is essentially a second mortgage that allows you to turn the equity on your home (the money your property is worth minus the amount you owe on it) into cash to be used at your discretion, such as debt consolidation. These loans are set up to be repaid quicker than your mortgage in equal payments with a fixed interest rate.

Home equity loans are secured loans which have the same risks and rewards already mentioned.

There are also programs which permit you to consolidate all of your credit card debt into one single payment (and interest rate). If you've got good credit, you could also be able to negotiate a lower interest rate on your credit cards, making it easier to repay.

Another option is to qualify for a new credit card at a low introductory interest rate (possibly as low as 0%) and transfer your credit card balance to your new card. While you're in your interest free rate, you should pay double payments in order to pay off your debt faster. But understand that the interest may very well be fairly high after the promotional period. Consider this way of consolidating debt only if you know you can pay off the debt while the introductory rate is in effect.

Another option with respect to debt consolidation is to enroll in a debt management program. A credit counseling agency will help you set up a debt management plan to help you pay off your debt as quickly as possible. This agency will also usually negotiate with your debtors so that they can reduce interest rates and fees.

Once the repayments are negotiated you will usually set up an account with the credit counseling agency and pay one lump sum a month into the account. The credit counseling agency will then disburse the payments out to each creditor. This benefits you because you only have to make one payment, and additionally it gives creditors more assurance that your payments will be made on time every month.

Credit counseling agencies can also help you develop a budget that's simple for you to follow and help alleviate some of the stress your debt has been causing you. If you stick to the plan a debt management program can help you save money, get rid of debt sooner and have a positive effect on your credit score.

Debt settlement is a strategy intended to pay off debts for less than you owe in a timeframe less than if you pay the debt in full. Debt Settlements are usually reserved for higher debt amounts of at least $10,000. Usually, the consumer enlists the help of a professional debt settlement company and/or lawfirm.

Those who choose to settle their debt can end up paying less than the full amount they owe. You will usually damage your credit in the short term, and there is a risk of litigration from creditors.

If you are serious about settling your debt, give us a call and we will see if you qualify.

Consumers have recently filed 82 debt or credit card complaints in Santa Fe.

Date Company and Reason
03/02/2018 A complaint against CITIBANK, N.A. was filed on 03/02/2018 regarding credit card or prepaid card practices
11/22/2017 A complaint against Tormey Bewley Corporation was filed on 11/22/2017 regarding debt collection practices
11/22/2017 A complaint against PORTFOLIO RECOVERY ASSOCIATES INC was filed on 11/22/2017 regarding debt collection practices
05/11/2017 A complaint against AFNI INC. was filed on 05/11/2017 regarding debt collection practices
05/08/2017 A complaint against DISCOVER BANK was filed on 05/08/2017 regarding credit card or prepaid card practices
04/25/2017 A complaint against NCSPLUS INCORPORATED was filed on 04/25/2017 relating to debt collection practices and alleges that NCSPLUS INCORPORATED is attempting to collect a debt not owed by the consumer.
04/05/2017 A complaint against BANK OF AMERICA, NATIONAL ASSOCIATION was filed on 04/05/2017 regarding credit card practices
01/25/2017 A complaint against TD BANK US HOLDING COMPANY was filed on 01/25/2017 regarding credit card practices
01/19/2017 A complaint against CITIBANK, N.A. was filed on 01/19/2017 regarding credit card practices
01/05/2017 A complaint against TrueAccord Corp. was filed on 01/05/2017 regarding debt collection practices

Last updated: 2018-04-12

Top Reasons for Debt in Santa Fe

OverSpending

The single most common form of debt help that people seek is for credit cards that got out of control.

Divorce

If you are going through a change in marital status in Santa Fe and can't pay all of the bills, we may be able to help.

Job Loss

When unemployment in Santa Fe rises, many consumers are left unable to pay their bills. Debt management options are available.

Medical Bills

Unexpected medical expenses happen. A simple treatment can be billed at outrageous rates. Many consumers prefer to settle their medical debt.

Santa Fe County, New Mexico annual city consumer debt rankings are in. We have analyzed the average consumer spending behavior across 16 cities and towns in Santa Fe County, NM. The average citizen in Santa Fe is spending approximately $392 more dollars than they earned annually, compared to the average of $417 across New Mexico. All statistics according to the latest data(2016).

Highest Debt Cities in Santa Fe County New Mexico

  1. Edgewood ranks 1st out of 16 cities in Santa Fe County in consumer debt accumulation with $125 per resident on average in 2016.
  2. Cuyamungue ranks 2nd out of 16 cities in Santa Fe County in consumer debt accumulation with $148 per resident on average in 2016.
  3. Eldorado at Santa Fe ranks 3rd out of 16 cities in Santa Fe County in consumer debt accumulation with $217 per resident on average in 2016.
  4. El Rancho ranks 4th out of 16 cities in Santa Fe County in consumer debt accumulation with $243 per resident on average in 2016.
  5. Pojoaque ranks 5th out of 16 cities in Santa Fe County in consumer debt accumulation with $274 per resident on average in 2016.
  6. Jacona ranks 6th out of 16 cities in Santa Fe County in consumer debt accumulation with $359 per resident on average in 2016.
  7. Tesuque ranks 7th out of 16 cities in Santa Fe County in consumer debt accumulation with $361 per resident on average in 2016.
  8. Agua Fria ranks 8th out of 16 cities in Santa Fe County in consumer debt accumulation with $370 per resident on average in 2016.
  9. Santa Fe ranks 9th out of 16 cities in Santa Fe County in consumer debt accumulation with $392 per resident on average in 2016.
  10. Nambe ranks 10th out of 16 cities in Santa Fe County in consumer debt accumulation with $397 per resident on average in 2016.
  11. Santa Cruz ranks 11th out of 16 cities in Santa Fe County in consumer debt accumulation with $456 per resident on average in 2016.
  12. Peak Place ranks 12th out of 16 cities in Santa Fe County in consumer debt accumulation with $554 per resident on average in 2016.
  13. San Ildefonso Pueblo ranks 13th out of 16 cities in Santa Fe County in consumer debt accumulation with $571 per resident on average in 2016.
  14. Espanola ranks 14th out of 16 cities in Santa Fe County in consumer debt accumulation with $623 per resident on average in 2016.
  15. Madrid ranks 15th out of 16 cities in Santa Fe County in consumer debt accumulation with $872 per resident on average in 2016.
  16. Chimayo ranks 16th out of 16 cities in Santa Fe County in consumer debt accumulation with $1114 per resident on average in 2016.
How does Santa Fe County rank in New Mexico?
New Mexico County Debt Distribution

8 counties in New Mexico accumulated $500+ in debt in 2016. Santa Fe averaged $392 per resident.

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