Borrowers Facing Wage Garnishment Prioritize Loans Over Credit Card Payments

Some student loan borrowers are delaying credit card payments to address wage garnishment obligations.

Summary

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Terms & Concepts
  • Wage Garnishment: A legal process allowing a lender or government agency to collect debt directly from a borrower’s paycheck.
  • Student Loan: A type of debt incurred to finance education costs, often with repayment terms set by governments or private lenders.