This home owner is pretty typical of many consumers who need some financial help controlling their costs (interest paid) and also managing their monthly cash flow i.e. lower monthly payments. This consumer is well employed, has a decent credit rating and should have no problems being approved for consolidation financing in New Mexico.
Many consumers use their credit cards like cash, and pay them in full each month. The credit card companies reward these good customers by increasing their credit limit on their cards and next thing they know they are carrying a balance close to the new credit card limit. It can be pretty easy to pay a small credit card balance when it is under $1000, but once it climbs to more than that, many people just do not have the money readily available to pay the balance in full by the statement due date. That is when the interest costs escalate to 19% or higher and any money you save by buying items on sale is quickly lost in interest charges.
That is one of the reasons that a consolidation loan makes so much sense especially if there is equity in your home that can be used as security. A decent credit rating also helps to secure a loan with a low interest rate which can save thousands of dollars over the life of the loan. This consumer will be able to consolidate his car loan, his personal loans and his credit card debt into one easy low interest loan. They also want to borrow a bit more to use for renovations of their home. All of this can easily be accommodated and secured by the equity they have with their home.