Can you qualify for credit card debt forgiveness if your wages have been garnished?
Credit card debt forgiveness can resolve your debt issues, but can you qualify if your wages have been garnished?
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If you find yourself increasingly worried about your personal financial health now, it's easy to see why. Inflation in March surged to its highest level in years, and a frozen Federal funds rate that hasn't been reduced since December is helping to keep borrowing costs high. While unemployment has improved, stock market returns are also particularly volatile, hitting a new record high this week after an especially turbulent March . And if you're a credit card borrower in this climate, your financial situation may be even more precarious.
The average credit card interest rate is around 21%, making it one of the most expensive ways to borrow money now. Interest on any accumulated debt, meanwhile, will compound daily, allowing even the most manageable debt balances to quickly spiral out of control. If this has already happened to you, it's not uncommon to find yourself at the next inevitable stage – wage garnishment . This occurs when a credit card company sues you and wins a court judgment to have a portion of your paycheck intercepted to repay what you owe. This can devastate your finances and make it more difficult to pay your bills (and your debt) than it already is.
Start by checking your credit card debt forgiveness qualifications here .