Many people in Oregon are struggling with a growing debt burden because they are unable to pay off their credit cards every month. Analysts advise that credit card debt can be particularly dangerous to carry over a long period due to the high interest rates that come along with it. According to some economists, up to 82% of credit card balances are carried for over one month, often turning into long-term debt. The problem isn't restricted to those with poor credit; even those with high credit scores often carry a balance.
There are many unpleasant consequences that come with having a lot of debt. From phone calls from debt collectors to losing a portion of your income, debt can affect many areas of your life. One of the ways you may experience this is through wage garnishment.
The Consumer Financial Protection Bureau reports that over 70 million people in Oregon and the rest of the United States have had interactions with debt collectors. During these interactions, 25% of the debtors have felt threatened. However, people should learn about their rights and take certain actions when they are sued for a debt.