Credit Card Glossary: Terms and Definitions
Garnishment is a court-ordered technique of debt collection in which a debtor’s paycheck or other income is taken and paid to a creditor or a court until a debt is paid in full. In the case of wage garnishment, the court may order a series of payments deducted by a set amount from a debtor’s paycheck. For more information, see “Wage garnishment: what it is, how it works.”
Terms from A-Z
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