New Mexico—otherwise known as the poetically named “Land of Enchantment”—has much to offer its residents and visitors alike. It’s rich culture, vibrant art scene, innovative food, and colorful history attract hundreds of thousands of visitors each year. For those fortunate to call New Mexico home, they get to enjoy the aforementioned benefits as well as numerous economic incentives and tax breaks. New Mexico is one of the largest tax havens in the US with no inheritance, estate, franchise, or sales taxes. Where the US average personal income tax is 21%, New Mexicans pay between 1.7% and 4.9% only.
New Mexico Debt Consolidation Loans
Even though working folks in the Land of Enchantment are able to take advantage of the tax breaks, a great many residents still wrestle with financial concerns. The unemployment rate of 5.1 percent is slightly higher than the national average of 4.9%. But even those with jobs can find it difficult to stay in the black. If your finances are in the red and you’re using credit cards to cover expenses each month, it might be time to consider getting a loan of some type. A debt consolidation loan is one option. These type of loans can come from various sources:
- Apply for a personal loan from a traditional bank, credit union or other lender.
- Refinance your home.
- Use a debt consolidation company.
For a debt consolidation loan to make sense, you’ll need to meet certain criteria: in addition to owing $10,000 or more, you’ll need a clean credit history, good credit score, and a reliable income with which to pay back the loan. If debt consolidation isn’t the right fit for you, there are other choices. But it can be confusing trying to figure out the pros and cons of each on your own, so get advice from the experts. Or call Freedom Debt Relief at 800-910-0065 for a free debt evaluation to find a solution that’s right for you.
Request a free debt evaluation to find out how we could help you:
- Resolve your debt faster
- Significantly reduce what you owe
- Make one low monthly program payment
Managing Your Money After a Debt Consolidation Loan
While consolidating your debt can get you started on the road to financial health, you’re not in the clear just yet. You may have gotten all your credit cards combined into a more manageable loan, with one monthly payment, but you still own the debt.
For this debt-clearing strategy to work, it’s important that you keep up with the monthly payments. You’ll also need to change the behaviors that caused the debt in the first place. If you keep using the credit cards on top of trying to pay down the loan, you could end up with yet another creditor on your list. Consider putting a budget in place and eliminate all unnecessary expenses until you’ve paid back the money. This part takes discipline and self-control, but you’ll be glad you persevered when you’re finally debt free and able to enjoy life without all the worry and stress.
Why wait any longer? Discover your optimal debt-relief solution and begin your journey to financial health in New Mexico today. Speak with a Freedom Debt Relief Certified Debt Consultant by calling 800-910-0065 now for a free debt evaluation.