Monitoring the finances an incarcerated loved is one of the very important oversights. From payday lenders to scammers and even debtors, there is an over whelming lot to be concerned about when it comes to inmate finances.
Helping incarcerated loved ones maintain a healthy credit score will go a long way in ensuring a stable life after sentence. Paying off debts or investing their money into the wrong venture can be hurt an inmate’s credit score.
How Paying Off Debt Hurts Inmate’s Credit Scores
In some cases, prisoners have tried to “clean” their credit by simply paying off the old collection debts. This may, in turn, hurt an inmate’s credit score because paying a collection debt means:
Acting on the right information will help you make the perfect decisions for your incarcerated loved ones as regards paying off credit debts. There are many cons regarding loan repayment for your incarcerated loved ones that should be taken into consideration.
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