 With the struggling economy, many people are finding themselves deep in credit card debt. Therefore, consumers are forced to turn to debt consolidation in order to get control of their finances. However, before a person decides to consolidate their credit card debt, they need to be aware of the credit... |
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Living with debt is by no means easy. There’s the constant concern of living paycheck to paycheck and the never ending issue of covering monthly bills and living expenses. While most of us pride ourselves on being self-sufficient, it’s hard to ignore that we all sometimes live well beyond our means.... |
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| New Mexico |
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With personal and consumer bankruptcy filings at an all time high in 2004, Congress decided to take action to reduce the total number of Americans (including New Mexico) seeking it as an option for debt assistance. The changes to the bankruptcy law aimed at achieving two objectives: 1) make the actual process of filing more difficult - they did this by making consumers take mandatory credit counseling sessions 90 days prior to declaring and higher filing fees, and 2) forcing more consumers into the less attractive chapter of bankruptcy, which is Chapter 13. Since this bankruptcy type involves a much more arduous path and paying back at least a portion of what you owe, the logic was that less people would want to file, which has been completely validated by all the recent statistics. They did this by requiring debtors who earn more than the median income in their state to pass the Chapter 7 means test in order to qualify for that type of bankruptcy. The "means test" is nothing more than a set of questions about your income and expenses used to establish whether you could afford pay back a decent portion of your debt. Detailed in this section are the median income figures for New Mexico in 2006: 2-person families: 47,517 3-person families: 47,508 4-person families: 52,034 5-person families: 48,382 6-person families: 45,320 7-or-more-person families: 43,682 Due to the devastating credit effects of bankruptcy and the headaches involved in actually being able to declare, more people in New Mexico are turning to credit card consolidation programs instead. If you would like to learn more about all the credit & debt solutions that can potentially help you, submit a form today! Bankruptcy Figures For New Mexico 2004: 8,793 2005: 11,592 2006: 2,426 New Mexico witnessed a 9,166 fall in the amount of bankruptcy cases filed in 2006 versus 2005. In all that accounts to a 79% decrease from the previous year. Clearly the purpose of bankruptcy reform---to truly make bankruptcy a "last resort"-achieved its goal here, as well as in just about every other state. With economic struggles still persistent throughout New Mexico and the rest of the country, however, where are people with financial problems turning? Fortunately, the implementation of bankruptcy reform was coupled with the rise of consumer debt help agencies, who work to restructure your debts into one affordable monthly payment. New Mexico Consumer Credit Counseling Services New Mexico Bankruptcy Laws New Mexico Debt Collection |
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Credit is a useful tool and when handled responsibly allows us to obtain credit cards, loans for homes, cars and other big ticket items. The better we handle our credit, the better the terms that are offered to us from lenders including higher credit lines and lower interest rates.
If, however, a... |
The dismal economy is having an adverse effect on people around the globe with millions facing tremendous amounts of debt. For many, escaping their debt seems like a far off dream but it doesn't have to be! By applying a few simple guidelines to your spending habits, you can begin to reduce credit card... |