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Alice has fallen behind on her signature loan- She recently received a notice from the lender that her wages were going to be garnished to pay off the debt- What is the loan clause that allows the lender to take this action against Alice because she was in default?

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What Is Consumer Debt?

Consumer debt consists of personal debts that are owed as a result of purchasing goods that are used for individual or household consumption. Credit card debt, student loans, auto loans, mortgages, and payday loans are all examples of consumer debt.
 


Alice has fallen behind on her signature loan- She recently received a notice from the lender that her wages were going to be garnished to pay off the debt- What is the loan clause that allows the lender to take this action against Alice because she was in default?






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