Policy plays a vital role in keeping the rising household debt in check.
Policy plays a vital role in keeping household debt in check. Experts say outdated procedures such as wage garnishment, in which an individual's earnings are withheld for the payment of a debt, are in dire need of a policy update. A survey found that about"For folks who have higher debt loads, they're actually getting their wages garnished or seized at really high rates," according to Lucia Mattox, senior policy manager at the Center for Responsible Lending.
The government can also play a potential role in reducing certain kinds of borrowings, such as medical debt that is currently held by roughly
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