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Nickelless
Administrator
USA
5580 Posts |
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1000+ Penny Miser Member
USA
3121 Posts |
 Posted - 07/05/2009 : 14:51:43
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| Interesting. Nickelless how do you ever find all these article? |
---> Come to the new and improved realcent: http://realcent.org
The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
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Nickelless
Administrator
USA
5580 Posts |
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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 07/05/2009 : 15:15:16
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States that allow debt collectors to seize consumers' wages have sharply higher bankruptcy rates than neighboring states that prohibit or strictly limit the practice,...
...intercepting someone's wages to pay their debts only increases their financial vulnerability.
Duh, that's why it's a called borrowing and spending yourself into bankruptcy. People do realize that is borrowed money that you agreed to pay back. So folks should be allowed to borrow willy nilly and if they can't afford to pay their creditors back, oh well..?
I have no sympathy for banks who lend to people with less than stellar credit and income to debt ratios. I also have no sympathy for people who live beyond their means.
There are consequences for bad behavior and bad decisions.
The Carolinas, Pennsylvania and Texas prohibit wage garnishment, except in special circumstances such as unpaid taxes or child support.
But heaven forbid the "state" doesn't get it's money, and don't get me started on child support.
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Bankruptcies low in states that don't seize wages
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