Wage garnishments are one of the most frustrating ways to lose money. You never even see it. The money is just pulled from your paycheck, whether you like it or not.
This can be incredibly tough for those who barely make enough to get by in the first place. For example, one woman had her paychecks garnished for hundreds of dollars while her husband was out of work. Her family's total income was under $30,000 and she had four children.
Below are five telling statistics that shed some light on garnishments and how they impact people.
-- A study carried out in 2014 found that a full 7 percent of workers in the United States were facing garnishments in 2013.
-- They tended to be relatively low-income individuals. The rate was 10 percent -- the highest rate in the country -- for those making between $25,000 and $39,999 each year.
-- A full 40 percent of the wage garnishments were taken to help pay off child support obligations.
-- Another 20 percent of the garnishments were to satisfy debt owed due to back taxes.
-- The remaining 40 percent came from a variety of other debts.
As you can see, garnishments come about for many reasons and are more common than a lot of people assume. While 7 percent may seem low, when you consider that there are 125.9 million full-time workers, that's clearly a lot of people.
Are you facing garnishments that are making it hard to keep food on the table for your family? Be sure you know all of the legal debt relief options you have.
Source: CNN, "Stop garnishing my paycheck!," Blake Ellis, accessed July 12, 2017