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3 Solutions to Wage Garnishment

3 Solutions to Wage Garnishment

If you’re struggling with your credit card debt, then you’re familiar with the panic that you feel every time the phone rings.  Collection agencies are masters at instilling fear into their “customers”, and one of the best threats they can use is to tell you that they will start taking your paycheck if you don’t pay up.  Because of this, it’s important to know what you can do in the event that you’re facing wage garnishment.

The most important thing to keep in mind is that a collection agency cannot start a wage garnishment without taking a few legal steps.  This won’t let you put the debt off forever, but it will give you a few weeks to make a decision about what you’re going to do.

Next, it’s important to know that wage garnishment is an expensive and time consuming process that most collection agencies would rather avoid if they could.  That means that you have several options for dealing with this debt.

1.     Pay it off.  Many times a collection agency has bought the debt for pennies of its original value.  That means that they are willing to negotiate a settlement.  Offering a one-time payment of half the total amount in exchange for the account being closed often works.  Of course, in order to do this you have to have the money.

2.    Pay off the debt with another loan.  If you have a credit card to pay off the debt with, you can simply go back to making monthly payments.  The high interest rates on these cards, however, might mean that you’ll be paying this debt for a long time.

3.    Sign up for debt consolidation.  Debt consolidation will allow you to combine this debt with any others that you might have, then pay everything off with a loan that has a low interest rate.  You’ll always know how much you’ll need to pay from month to month, so budgeting won’t be a problem.  Best of all, debt consolidation pays off all of your debts, so you won’t have to deal with debt collection agencies anymore.

No matter what you decide, remember that you need to act quickly in order to make sure that the collection agency doesn’t flag your account for their attorneys.

About Author: Debt Help Desk

There are tons of sites and articles about getting out of debt. We are different because we are not a site owned or operated by an actual debt relief company. No bias. Our agenda is to help people make smart debt relief decisions- Now let’s help you.

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