The interest rate being charged by many states on back child support payments in many cases was set years ago when economic times were better. In Texas where I live the rate is 6% simple interest annually. Since 1/28/2010 I have paid $18,192.43 in back child support payments. the total amount that I owe, however has only been reduced by less than $4,000. At the rate that the state is charging interest on this sum, I will never be able to satisfy this debt. I know parents that owe back support are not a very sympathetic group, but if these interest rates were not so high, there would not be as many of them, and more people would try to take care of their debt if there was a realistic chance of ever paying it off.
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