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New Mexico Interest Rates Laws

Who hasn’t been tempted by the allure of a new credit card and a little extra spending money? And many of us have been faced with a bit of a financial bind, have needed to make big purchases, or have even looked into getting a loan. And with these credit options, we know that a high interest rate could get us into more money trouble if we’re not careful. Lucky for us, the Land of Enchantment also has laws that limit the amount of interest that a creditor can charge. This is a basic overview of interest rates laws in New Mexico.

Interest Rates Laws

State interest rate laws vary from state to state, and can differ depending on the type of credit, loan, or court judgment involved. These statutes are designed to deter predatory lenders and help consumers avoid significant debt by limiting the amount of interest a creditor can charge. New Mexico’s maximum interest rate is 15% absent a fixed contract rate.

Interest Rates Laws in New Mexico

New Mexico's interest rate statutes are highlighted below.

Legal Maximum Rate of Interest

15% in absence of contract fixed rate

New Mexico Statutes 56-8-3: Interest Rate

Penalty for Usury (Unlawful Interest Rate)

Forfeiture of all interest and if paid, borrower may recover twice amount

New Mexico Statutes 56-8-13: Penalties and Forfeitures

Interest Rates on Judgments

8?% unless judgment is on a contract, in which case interest on recovery will be the contract rate, but if the money judgment is for tortious conduct, interest on judgment will be 15%

New Mexico Statutes 56-8-4: Judgments and Decrees


Corporations and limited partnerships

New Mexico Statutes 56-8-9: Excessive Charges Prohibited,

New Mexico Statutes 56-8-21: Usury;

Pawn brokers

New Mexico Statutes 56-12-13: Pawn Service Charge

While it is certainly easier said than done, the most effective way to avoid prevent the financial pitfalls of high interest rates is to avoid credit card debt entirely. And one of the best strategies for staying out of credit card debt is to use the card responsibly and pay off the whole balance as quickly as possible -- each month, if you can. If you have already found yourself in significant credit card debt, you may have consumer protections under federal law.

Related Resources for New Mexico Interest Rate Laws

Sifting through the fine print on credit card offers and loan documents can be confusing. For additional articles and resources on this topic you can visit FindLaw’s section on Usury Laws and Limits on Credit Card Interest Rates. If you would like legal assistance with an interest rate matter, you can consult with a New Mexico consumer protection attorney.

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