New Mexico State Treasurer Laura M. Montoya presents at recent AFT roundtable. Courtesy photo
Courtesy photo
NMSTO News:
SANTA FE — This week, New Mexico State Treasurer Laura M. Montoya participated in the Keeping the Dream Alive: Albuquerque’s Affordability Roundtable event to bring awareness to the affordability and consumer debt crisis affecting New Mexicans. Hosted by the City of Albuquerque Office of Financial Empowerment, City of Albuquerque Office of Consumer Protection, and Protect Borrowers, the roundtable featured financial and economic experts, local leaders, and members of the general public to explore impactful solutions aimed at easing financial burdens and expanding opportunity for New Mexico families.
At the roundtable, American Federation of Teachers (AFT) New Mexico and Protect Borrowers released survey data indicating:
- Nearly 40,000 New Mexico households are behind on utility bills, with a statewide average of $618 in overdue utility debt balances;
- 80 percent of Albuquerque residents have credit card debt;
- One in eight Albuquerque credit card borrowers are severely delinquent;
- Over 25 percent of Albuquerque credit card borrowers are using over 75% of their credit card limits;
- Four in five New Mexico educators and public employees surveyed cannot save money or are actively going deeper into debt;
- Nearly half are skipping needed medical or dental care because they cannot afford it;
- One in six depend on public assistance despite being fully employed; and
- When falling behind, 69 percent cut food and household expenses first.
“The difficult reality many New Mexicans face is that basic living expenses are growing more unaffordable than ever before,” Treasurer Montoya stated. “With policy decisions made at the national level causing gas and grocery prices to surge while wages remain stagnant, it is more important than ever to have a serious conversation about where we can come together to develop meaningful solutions that restore financial stability, expand economic opportunity, and renew hope for our working families.”
During her term as State Treasurer, Montoya has continually centered her agenda around empowering New Mexicans with financial education and initiatives aimed at maximizing self-sufficiency and resilience in the face of economic hardship. She has not only traveled across New Mexico to host financial empowerment summits and implore school boards to implement financial literacy education as a high school graduation requirement, but Treasurer Montoya has also championed New Mexico Baby Bonds, a landmark policy initiative designed to provide children with state-managed trust accounts intended to fund long-term wealth building expenses, including trade or higher education, homeownership, startup capital for entrepreneurial endeavors, or retirement. Treasurer Montoya’s service remains focused on capitalizing on rare and monumental opportunities that would improve economic mobility, financial stability, and legacy wealth for future generations of New Mexicans.
Courtesy photo
Courtesy photo
Courtesy photo