KANSAS CITY, Mo. – Millions of Americans are struggling with debt and new numbers show more people might soon take a punch in the paycheck.
According to a recent study, one in 10 Americans between the ages of 35 and 44 are getting their wages garnished. That means payments are taken out of their paychecks for medical, credit card and student loan debts.
One financial advisor shared ways you can address a garnishment before it happens. Be up front with your creditors by telling them what you can pay and when. Also, check your mail. Creditors often send out notices so be aware of what you owe. Experts also say you should run your finances like a business by maintaining a budget.
Financial advisor Jana Castanon explained, “People are now getting back to work, getting their finances back in order. So now the creditors have the best opportunity to receive some of those funds that they might not have been able to receive a couple of years ago.”
There are different statutes of limitations in Kansas and Missouri. Read more below:
For Missouri Statutes on garnishments, CLICK HERE.
For Kansas Statutes on garnishments, CLICK HERE.