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Lenders garnishing wages across US and Massachusetts

One of the challenges of trying to eliminate debt is high interest rates, which in turn, creates higher balances. With the cost of owing money increasing, finding a fresh financial start can be difficult. Lenders have turned to practices of garnishing wages in Massachusetts and other states as people have fallen behind on payments. Debt relief options are available to those who are struggling with making payments, and they can help stop wage garnishment and address the root of the problem.

Wage garnishment is a tool that creditors use to get money from people who are sometimes unable to pay on their own. According to research from NPR and ProPublica, around four million people in the United States had their wages garnished last year for consumer debt. In the state of Massachusetts, there are laws that require a buffer of $1,200 from which creditors can't take. Unfortunately, debtors who fall behind on their debts can still lose their jobs, get declined for loans and be forced into paying far more than what their original loan was worth.

Struggling with debt is difficult, but one solution is consumer bankruptcy. This option can allow individuals to secure a fresh start. There are several types of bankruptcy, from Chapter 7 to Chapter 13, so it's important to be familiar with the applicability in Massachusetts. Bankruptcy can help eliminate debt or at least consolidate it into manageable payments.

It's shocking that over four million people in the United States had their wages garnished over the last year. Putting a stop to wage garnishment can help someone better manage his or her finances. Bankruptcy can be an option to consider for those who simply want to eliminate debt and put themselves at a new beginning. However, because bankruptcy can be a difficult issue to tackle, it may help to first speak with a qualified attorney before filing a petition.

Source: Time, "More Lenders Are 'Garnishing Wages' To Get Paid Back," Martha C. White, Sept. 23, 2014

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