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Media Ask Gil- Advice Financial Advice Garnishment? No Thanks!
Media Ask Gil- Advice Financial Advice Garnishment? No Thanks! | Garnishment? No Thanks! |
| Written by Gil Michel, MBA | |
 Dear Gil,I have been notified of garnishment from a credit card company. I don't have the finances to pay this company. Is there antything I can do to avoid garnishment?` Signed, "Doubting" Thomas Dear Thomas, I would contact the credit card company and see if they are willing to settle on the case for a fraction of the outstanding bill. Many times credit card companies are more than willing to settle for 50% of the original debt for a couple of reasons: 1. The ole “bird in a hand beats two in the bush theory”. They would rather have $500 today instead of the promise of $1000 next month They have already, many times, made their money in interest. 2. The important thing to do is to get whatever arrangement you make in writing. All too many times, a person operated based on a conversation they had on the phone with a bill collector or customer service rep, who may no longer even work there anymore. So again, get it in writing! I hope that you are able to work out a workable agreement. Going forward, make it your business to develop a plan to pay off your debt and build wealth. You can already see that living with debt you can’t afford to pay is no real way to ‘live’. Gil |
