New Mexico Debt relief, settlement & consolidation programs offer you an easy way to escape unsecured debt, including high credit card balances. Individuals with $7,500 to $200,000 in unsecured debt will qualify.
Do you have unsecured debt, like medical bills, credit cards or personal loans — that you want to pay off faster?
2019 brings more than just one New Mexico debt management option for you to consider. You have four programs to choose from, giving you the power to make a choice based on what suits you best, not based on what will make your creditors the most money.
4 Best New Mexico Debt Relief Options
Talk with an IAPDA certified New Mexico debt expert at (575) 446-4361. Here’s what you can get:
- Access to the best New Mexico debt relief programs
- Check debt relief eligibility in a matter of minutes
- Get a personalized plan to save the most money
- You are guaranteed an affordable monthly payment
- Get free assistance with enrolling into the plan of your choice
- Get a clear understanding of the benefits and downsides to each New Mexico debt relief program
New Mexico Debt Statistics Let You Understand The Problem
New debt statistics reveal that New Mexico has the highest amount of credit card debt in the nation, just above Louisiana and West Virginia. The average credit card balance for New Mexicans is about $8,300.
Do you have over $8,300 in credit card debt? If the answer is “yes” and you can’t afford to pay more than minimum payments — you’re a perfect candidate for relief, so continue reading.
What’s the solution to credit card debt for consumers in New Mexico?
There are multiple options to choose from.
Debt Settlement New Mexico
We can help you settle your debt for a fraction of what’s owed. This option is through a New Mexico debt relief law firm.
You need over $7,500 in credit cards to qualify.
The New Mexico debt settlement program can relieve you of all unsecured debt in under three years.
Monthly payments can be cut by close to 50%.
Debt Relief in New Mexico
We can offer you a debt validation program that disputes your debt, similar to how an attorney challenges a speeding ticket. You may not owe the debt!
This plan includes credit restoration, for no additional cost. If you owe $15,000 in debt, you could end up only paying around $4,500 in total to resolve all of the unsecured debt you include in the plan.
You also need to have over $7,500 in credit card debt to qualify for validation debt relief.
Want to stay current on monthly payments?
Consolidate your debt with a loan or use a New Mexico consumer credit counseling program and you’ll avoid falling behind on monthly payments.
IAPDA certified debt counselors who specialize in New Mexico debt relief programs are available to help you choose the best plan.
Call (866) 376-9846 & Get Your Free Consultation Today!
Here’s what past clients have to say:
Best New Mexico Debt Relief, Settlement & Consolidation Programs
Is your goal to save the most money?
Golden Financial Services recommends debt validation and debt settlement if your goal is to save money.
These plans have a temporary negative effect on credit scores, but will often save a person more than if they were to consolidate with a loan.
Not everyone will graduate a debt settlement or validation plan. Some people can’t afford to continue making the monthly payments until the plan is complete.
During your consultation with Golden Financial Services, we will go through a budget analysis with you. Once we figure out your budget, we can then advise you on the best plan for your situation.
We will do our best to put you on a plan that you can afford to pay, one that you will most likely complete successfully.
Debt Consolidation Loans in New Mexico
Millions of New Mexico residents are turning to debt consolidation loans. This is one of the most expensive routes to take because you will still be required to pay all of your debt, plus interest and additional fees in many cases.
If you decide to use a loan to pay off your credit card debt, just make sure the loan has a lower interest rate than what your current interest rates are on your existing cards. And make sure to add in all additional fees that come with the loan, to ensure you don’t end up paying more for your debt than what you are currently paying.
What to beware of when it comes to debt consolidation in New Mexico:
- If you choose to use a balance transfer card to pay off high-interest cards, be aware of the up-front fee that comes with balance transfer cards. (it averages at around 3%-5% of the amount transferred onto the card)
- If you decide to consolidate your debt with a home equity line of credit, be aware of the fact that you could lose your home if you fail to pay this type of consolidation loan on time.
- And lastly, be careful if you choose an online lender to consolidate your debt. Online lenders often charge high fees and high interest, resulting in your debt becoming more expensive to pay off. Searching for a cheap debt consolidation loan? Credit unions offer the lowest loan rates.
How’s debt validation work?
Debt validation challenges a debt collector, forcing them to prove:
- they have all of the legally required paperwork to be lawfully collecting on a debt
- they have accurate accounting and information pertaining to the identity of the debtor and alleged creditor
- they are licensed to collect on a debt in a particular state
Often, a debt collection company can’t prove that they are legally authorized to collect on a debt. The debt then becomes legally uncollectible. A legally uncollectible debt does not have to get paid.
You could resolve a debt by only having to pay the debt relief company’s fee and nothing else. Additionally, the debt can come off your credit. This all makes debt validation one of the best debt relief programs in New Mexico.
Example Letter, Showing How Debt Validation Resolved a Citibank Credit Card Debt:
If the debt collection company proves the debt to be valid, debt settlement would be the next option to get out of debt.
How does a New Mexico debt settlement program work?
Debt settlement programs can lead to a portion of your credit card balances getting forgiven.
You could have $20,000 in credit card debt that gets resolved for around $12,000 with debt settlement. New Mexico residents are eligible for a free debt settlement consultation by contacting Golden Financial Services today at (866) 376-9846.
Validation Vs. Debt Settlement in New Mexico
Late and collection marks can stay on credit for up to seven years with settlement:
After settling your debt with debt settlement, the late marks and collection marks remain on your credit for up to 7 years.
Collection and late marks may come off credit with validation:
The good news is that if a debt validation program can successfully dispute your account and prove it to be legally uncollectible, this can lead to the derogatory marks coming off your credit.
Tax consequences come with debt settlement:
Debt settlement can also lead to you having to pay taxes on the amount saved in the settlement. If you save $20,000, the savings will appear as income. Just like any other income you have to pay taxes on it. You can avoid having to pay taxes on the savings in a settlement by filing an IRS form 984.
No tax consequence with debt validation:
With debt validation, if a debt is proven to be legally uncollectible and invalid, there’s no tax liability to deal with. This is another benefit of using validation, over debt settlement.
Creditors can issue you a summons if you don’t pay your bills in full and on time every month:
One last point that you need to beware of is that there’s a chance your creditors can sue you on both debt settlement and validation. If you receive a credit card lawsuit you need to attend court or make sure the debt settlement company who’s helping you will respond to the summons on your behalf.
With debt validation, you’d be refunded on the account that receives a summons and then referred to an attorney who will help resolve it.
Attorney Model Debt Settlement Program in New Mexico
Golden Financial Services can offer you an attorney based plan. Your attorney will provide you legal protection while on the debt settlement program.
Creditors will then have to direct all communication to your New Mexico attorney. If a summons is received, your attorney will respond to it and work to settle it for less than the full amount owed, just like any other settlement.
If you choose debt settlement, make sure to only use an attorney based debt settlement program. Golden Financial Services can set you up with a highly rated New Mexico debt settlement lawyer. Give us a call today and we look forward to helping you!
How to get help with debt if you live in New Mexico?
New Mexico residents can call the free debt relief hotline at (575) 446-4361.
You can get a consultation with an IAPDA certified debt counselor who specializes in New Mexico debt relief, settlement and consolidation options.
What happens during a consultation?
A consultation is purely informational. If you decide to move forward with one of the programs, then we can get you signed up or referred over to the right department.
How fast does it take to get approved for a New Mexico debt relief program?
You can be approved within 24 hours or less.
How long does the program take to finish?
You can graduate from the program within 18-42 months, depending on your situation and budget.
Can I get sued?
It is rare for a client to get sued, but it could happen. If it does, the debt can still be settled. In some cases, an attorney will use legal violations that your creditor committed and file for dismissal of the debt.
Can I be current on payments and still get approved for a debt validation or settlement program?
Yes, you can be current on your accounts and still qualify.
If you have a real financial hardship and are unable to stay current, these circumstances are sufficient to qualify.
Is the program anything like bankruptcy?
Our programs are the solution to avoiding bankruptcy, so no, this is not a bankruptcy or anything like it. We don’t recommend or promote bankruptcy unless you have no other options.
Bankruptcy shows up on your credit report as “bankruptcy”. Having bankruptcy on your credit report is what brings all of the negative side effects. When you use a debt relief plan, it will not show up that you filed for bankruptcy on your credit report.
Can I rebuild my credit?
Credit can always be rebuilt. However, it is most difficult to rebuild credit with a bankruptcy on it.
How much can I save on the program?
Results vary, but clients who complete making all of their scheduled payments will pay less than the full balance owed on each account.
Does a guarantee come with New Mexico debt relief programs?
The attorney based debt settlement program in New Mexico comes with an assurance of performance. Attorneys are not allowed to use the word “guarantee”, so instead, they offer an “assurance of performance”.
The debt validation program only charges you a fee if results are achieved. This type of performance-based program protects you from paying fees and not getting results.
Contact Golden Financial Services today and find out if you qualify for a New Mexico debt relief program.