Tag: Wage Garnishment
Is increasing the national minimum wage a good thing for the economy? How will it affect business? How will it affect you and your personal finances?
High and increasing inflation rates have triggered these questions about the national and state minimum wages over the last few years. In order to catch up with the rising costs of living and housing, a national plan was made effective on January 1st of 2017 to increase the minimum wage yearly until January 1st 2022, when it will be $15 an hour. For small businesses with less than 26 employees, the plan is stretched an extra year until 2023.
Last month, we discussed the importance of aligning your career with your financial goals. But this is often easier said than done. It’s a competitive job market, causing many people take jobs where their salaries may be lower than industry standard. Or, you may simply love the company you’re at, even if doing the work you enjoy may not have a high payoff.
New Era Debt Solutions shares what you can ask your boss for in lieu of a raise:
Creditors cannot garnish the wages of independent contractors and freelancers, because wages are technically earnings paid to an employee by an employer. However, if you are self-employed, this is not cause to relax.
A common tactic creditors use to intimidate people into making a payment right then and there is threatening to garnish wages. So, can credit card companies garnish your wages? The short answer is yes.