Question: Hi I can no longer afford to pay my credit cards once I stop paying them entirely can they take my pension money?
Answer: In general, no, it is not possible for a credit card company to garnishee pension income. Under the Ontario Wages Act wages can be garnisheed, but not pensions.
However, if you bank at XYZ Bank and have a bank account at XYZ Bank, the bank can go into your bank account and take money out to pay your credit card payment. Therefore, if you can’t pay your credit cards, you should open a new bank account at a new bank.
You can get more information on strategies for dealing with credit card debt by talking to a credit counsellor or a trustee in bankruptcy.
Tags: credit card