Don’t let wage garnishment make a Scrooge out of you
The holidays are upon us. For many in Georgia, lights and music fill the air with magic and promise. But for some people, holiday traditions bring suffocating feelings of stress and anxiety. The bills are stacking up, and so are the added holiday expenses. Your paycheck just doesn’t seem to add up.
Maybe you want to see your child’s eyes alight with excitement over the toy he or she has been dreaming of, or you yearn to give your significant other that special gift he or she has subtly hinted about. Even your employer may pressure you to buy a present for someone in need. While you want to be generous, paying your bills and supporting your family have to come first. However, it could be so much worse if wage garnishment became an issue.
A cautionary tale to keep in mind during the holidays is that of a woman who has kept the practice of taking out payday loans as a means of helping her with cash flow issues. She took the payday loans out for years before she fell behind on her payments and began receiving phone calls that threatened her with a lawsuit. It was not until she took action of her own — and with the help of an attorney — found out she had more than paid her principal and that the loan company was operating illegally. She sent the company a cease and desist letter, and the phone calls immediately stopped.
There are, however, many payday loan companies out there operating legally that are within their rights to come after you if you have trouble paying back what you borrowed. These companies can sue you and garnish your wages if necessary.
Keep these worst-scenario outcomes in mind when considering the temptation of borrowing money to pay for things you cannot afford this holiday season. Georgia residents who believe it is already too late and are facing the threats of collectors should know that options exist to immediately stop wage garnishment. Whether you consider bankruptcy or another type of debt relief, resolve this New Year to take action to remedy those that threaten your livelihood.
Source: Main Street, “Illegal Lenders Give Debtors a Run For Their Money,” Juliette Fairley, Dec. 18, 2013
Posted on behalf of
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