Garnishments tend to happen when people hide from their debts and stop making even minimum payments. Eventually, creditors sell the debt to a collection agency.
Sentiment: NEGATIVE
My mother was being hounded by a debt collector over a debt that she didn't owe, and she eventually just paid it because she wanted the calls to stop. I was very surprised. It sounded so strange. I started poking around on the Internet and found this was extremely common.
The courts cannot garnish a father's salary, nor freeze his account, nor seize his property on behalf of his children, in our society. Apparently this is because a kid is not a car or a couch or a boat.
Debt collectors should be required to disclose the applicable statute of limitations in the body of their collection letters, in bold type. While it's not illegal to dun a consumer for an old debt, it is illegal to sue for one.
Collecting is the sort of thing that creeps up on you.
Some have been ensnared in the net of excessive debt. The net of interest holds them fast, requiring them to sell their time and energies to meet the demands of creditors. They surrender their freedom, becoming slaves to their own extravagance.
I generally encourage people to make good on debts when they have enough money to repay them. But once a delinquency has been reported to a collection agency, paying it off won't help your FICO score. The damage has already been done, and the blemish will remain on your credit report for seven years.
Some debts are fun when you are acquiring them, but none are fun when you set about retiring them.
Creditors have better memories than debtors.
What the banking system needs is creditors who monitor risk and cut their exposure when that risk is too high. Unlike regulators, creditors and counterparties know the details of a deal and have their own money on the line.
There is scarcely anything that drags a person down like debt.
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