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Millions of Americans Get Wages Garnished Over Credit Card Debt

npr.org

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Re: Millions of Americans Get Wages Garnished Over Credit Card Debt

#31

Post by cryoshon »

"One in 10 working Americans between the ages of 35 and 44 are getting their wages garnished. That means their pay is being docked — often over an old credit card debt, medical bill or student loan."

Think about how severe of a situation this stat depicts.

News like this really destroys the "economic recovery" propaganda that the MSM trumpets. People have no cash in hand. The income they do have is being ripped from them rapidly via debts of various kinds. The result is society-scale movement towards poverty.

Re: Millions of Americans Get Wages Garnished Over Credit Card Debt

#32

Post by reverend_gonzo »

Zikes wrote: post #14
kenj0418 wrote: post #5

- Option 1: Avoid getting into debt - Option 2: Pay your bills on time - Option 3: File Bankruptcy If you haven't taken option 1 or option 2 and you start getting court notices - then it's time to start talking to someone about option 3.

You know how much it costs per hour to talk to someone about option 3? Even trying to prove how broke you are costs a lot of money.

Bankruptcy attorneys generally charge a fixed rate, and there are pretty stringent laws about what they can and can't charge.

Furthermore, the lawyer will do all further dealings with your creditors to get the amount owed cut down. If you're in the position where you can't pay your bills, you absolutely need to talk to an attorney.

Re: Millions of Americans Get Wages Garnished Over Credit Card Debt

#34

Post by lotsofmangos »

hughes wrote: post #8

It's hard to see these "millions of americans" as victims in this matter. It's almost always possible to just _not buy_ something if you can't afford it.

Maybe if you have no dependents and never get ill.

If you have a family to support or have a period of illness, credit is very hard to avoid.

Re: Millions of Americans Get Wages Garnished Over Credit Card Debt

#35

Post by smtddr »

zo1 wrote: post #24
kolev wrote: post #13

Reading the responses here, I think you guys are completely disconnected from the reality, because you (like me) are lucky to have a high-paid high-in-demand profession! There are people in America who go to bed hungry - and not because they overspend or manage finances poorly. Just go over at http://www.feedingamerica.org/ as starters!

"overspend or manage finances poorly" The sort of debt that you're talking about goes way further than the narrow perspective that most take on it. It begins before you are even born, and I think we should all ruminate on that. Let me elaborate a bit, despite consistently getting down mods for expressing this point of view before. The debt begins with the parents that choose to have kids when they are unsure of their…

>>The debt begins with the parents that choose to have kids when they are unsure of their financial wellness and security for the years to come of their child's growth to adulthood.

Having children should not be tied to having X amount of money - https://news.ycombinator.com/item?id=8177836

Re: Millions of Americans Get Wages Garnished Over Credit Card Debt

#36

Post by reverend_gonzo »

zo1 wrote: post #24
kolev wrote: post #13

Reading the responses here, I think you guys are completely disconnected from the reality, because you (like me) are lucky to have a high-paid high-in-demand profession! There are people in America who go to bed hungry - and not because they overspend or manage finances poorly. Just go over at http://www.feedingamerica.org/ as starters!

"overspend or manage finances poorly" The sort of debt that you're talking about goes way further than the narrow perspective that most take on it. It begins before you are even born, and I think we should all ruminate on that. Let me elaborate a bit, despite consistently getting down mods for expressing this point of view before. The debt begins with the parents that choose to have kids when they are unsure of their…

Huh? How many people in their 20s know for sure that they're going to be financially well off for the rest of their lives and there isn't going to be a stock market crash or some tragic event that substantially changes the economy?

I have friends who were commercial airline captains in 2000. Then 9/11 happened, and they went on furlough for a number of years and had to work places like Best Buy.

You're saying they should've known that their career was about to get upended and shouldn't have kids because of that?

Re: Millions of Americans Get Wages Garnished Over Credit Card Debt

#38

Post by zo1 »

shmerl wrote: post #26
joshuaheard wrote: post #21

People don't wake up one day and find their wages garnished. They must have a lawsuit filed against them, be served with a summons, get a judgment against them, and finally have their wages garnished. And the money that is being garnished is to pay back the creditor for the money and/or services that the debtor received. It's called justice.

Charging constant percentage on the debt is not called justice. It's a rip off.

They agreed to it when they signed up for the debt. I don't get it, just because someone (corporation/rich person) has lots of money, doesn't mean that not giving them back what they gave you is okay. Not giving them back money that you took is the rip off. Is it nice? Could they be a little more compassionate to peoples' situations? Sure, of course. That's why you have institutions that help people with debt-counseling.

On the other hand, why not do what they did here. Make laws that prohibit over-burdening debt from being given to an individual.

Re: Millions of Americans Get Wages Garnished Over Credit Card Debt

#39

Post by Kalium »

zo1 wrote: post #30
Kalium wrote: post #23

Earlier quoted context omitted.

Just like millions of Americans conscientiously choose to not buy food and life-saving medical care each day! Life isn't always as simple as "don't buy more things".

Don't forget these two: "Save when you can, instead of spending". And "don't have kids you can't take care of, so they don't end up starving and unable to pay for 'life-saving medical care' when they're older."

Don't forget to fully anticipate the future with perfect accuracy so you can be sure that you'll be certain of your ability to afford kids.

Life is uncertain and variable. Demanding that people make choices based on unknowable futures is a bit silly.

Re: Millions of Americans Get Wages Garnished Over Credit Card Debt

#40

Post by JoshTriplett »

jschwartzi wrote: post #2

The more I learn about what happens to people who are in debt and fall into hard times, the less I want to buy anything with credit.

Purchasing on credit is completely fine, as long as you actually have the money to do so. Assuming that you do, credit cards have some significant advantages over cash, notably receiving rewards for purchases that you'd make anyway, and tracking your purchases more easily.

The incredibly dangerous thing is purchasing something you don't actually have the money for, and paying for it over time, with interest.

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