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Understanding Wage Garnishment
Wage garnishment is a legal procedure where a portion of your earnings is withheld by your employer to pay off a debt. This can be a distressing situation, affecting your financial stability and peace of mind. The most common reasons for wage garnishment include unpaid taxes, child support, student loans, and credit card debts. According to the American Payroll Association, approximately 7% of workers in the United States experience wage garnishment1.
The Impact on Your Finances
The financial impact of wage garnishment can be significant. Depending on the type of debt, creditors can garnish up to 25% of your disposable income2. This reduction in your paycheck can make it challenging to cover essential expenses such as rent, utilities, and groceries. Moreover, the stress of having less disposable income can lead to further financial strain and anxiety.