October 24, 2016
Garnishments on Your Credit Report – 4 Ways to Resolve Them
Ignoring your contractual debt obligations can have a very serious impact on your financial status. Garnishment, a creditor’s last-chance attempt at debt collection, hits debt holders where it hurts; their ability to fill the gas tank, pay the bills, and feed their families. It is something that you should try to avoid at all costs.
When facing debt that can’t really be paid, the best plan of action is to act early and speak to your creditors to see if you can negotiate a payment plan or achieve some sort of payment arrangement. If debt goes unpaid and overlooked, the court may interfere by issuing a judgment requiring your employer to “garnish” or withhold a bit of your wages or financial balances to pay back the debt.
The road to wage garnishment can be long and winding. Here are four things you can do to deal with wage garnishment on your credit report:
Summary: Resolving Garnishments on Your Credit Report
Being aggressive when creditors are coming after you can help prevent this drastic step altogether. Try your best to work out a repayment deal with your creditors so that they stay confident that you will pay the debt within a particular time frame. This is the best way to keep creditors off your back and stop garnishments on your credit report.
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