Can you have multiple wage garnishments at the same time?

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Can you have multiple wage garnishments at the same time?

Wage garnishment can seriously damage your budget, so it makes sense to worry about facing multiple at once. Tim Robberts/ A concerning mix of record-high debt levels , elevated credit card interest …

Wage garnishment can seriously damage your budget, so it makes sense to worry about facing multiple at once. Tim Robberts/ A concerning mix of record-high debt levels , elevated credit card interest rates, rising inflation and a tough jobs market is putting quite a bit of financial pressure on borrowers in the current economic landscape. And credit card balances are particularly troubling right now, with total credit card debt nationwide at over $1.23 trillion as interest charges rack up at an average of over 21% . That rapidly compounding issue is causing more borrowers to fall seriously behind on payments , putting them at risk of legal action — and eventually wage garnishment. A wage garnishment order results in a creditor taking a portion of your paycheck before you ever receive it to recoup the money you owe for unpaid debts. That, in turn, can cause big issues for your finances, especially if you're already on a tight budget. And if you're currently dealing with one wage garnishment but have fallen behind on other debts , a new concern may emerge: What happens if another creditor comes calling? Many people are currently juggling multiple debts across credit cards, personal loans and medical bills , after all. The rules surrounding multiple garnishments can be confusing, though, and vary depending on the type of debt involved. …

Original source: CBS News Top

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