Consumer Loans in Default: When Wage Garnishment Becomes Necessary
As of February 2015, U.S. outstanding consumer debt was at $3.34 trillion. Creditors, of course, expect regular payments from borrowers; however, sometimes wage garnishment is a necessary step for loans in default. When a customer is in default for their loans or lines of credit, wage garnishment gives creditors a legal option for recouping consumer…
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