The debt settlement concept sounds straightforward, but the process behind it can feel opaque. Krisanapong Detraphiphat/Getty Images When you’re buried in debt, as a hefty number of borrowers are right now, handing the problem to someone else sounds like it could offer serious relief. And, that’s exactly what debt relief companies sell — the idea … Read more
Creditors don’t follow a single timeline for accepting settlement offers, but the timing of your offer still matters. Elena Safonova/Getty Images High borrowing costs over the last few years, coupled with other economic hurdles, like high (and now rising) inflation and a tough job market, have left many borrowers with balances that are harder and … Read more
Completing a debt relief program is a big step, but it doesn’t automatically close the door on collection activity. Wong Yu Liang/Getty Images A mix of record-high credit card balances, persistent (and rising) inflation, and elevated credit card rates is pushing more borrowers to seek help managing their debt right now. In turn, debt relief … Read more
The speed at which a creditor can garnish your wages after filing a lawsuit depends on numerous factors. PM Images/Getty Images The pressure borrowers are facing is increasing in today’s high-rate, inflationary landscape, and for some borrowers, their budgets are being stretched so thin that they can no longer accommodate every essential expense and debt … Read more
Wage garnishment can cause a portion of your paycheck to disappear, but there are limits to the timeline for this collection tactic. Huang Evan/Getty Images Given today’s numerous economic challenges, it’s hardly a surprise that borrowers are carrying a record amount of debt — about $18.8 trillion currently, with about $1.3 trillion in credit card … Read more