One of the most difficult things about being in jail is trying to keep your finances under control. Everyone has financial obligations that they have to meet, whether it's paying rent, a mortgage, child support, or simply a credit card bill. If you stop making your payments, the interest and fees from these commitments are going to add up quickly, leading to an untenable situation when you finally get out of jail. If you want to have financial freedom when you finally get out of jail, you are going to need to make arrangements in order to ensure that you are not facing a mountain of debt. Here are some tips for keeping your finances from being damaged while you are in jail.
1. Set Up a Joint Bank Account before Going to Jail
Once you are in jail, it can be difficult to set up a joint bank account with someone else so that this person has access to your savings to help you pay down your debt. This is because you won't be able to go to the bank yourself. If you set the joint bank account up ahead of time, you will be able to avoid the large amounts of paperwork and ensure that a loved one or friend has access to your money.
2. Let Your Creditors Know That You're Going to Have a Hard Time Making Payments
Even though it will increase the overall amount of interest that you have to pay, call all of your creditors and see if they will be able to put you on a reduced payment plan until you get out of jail. Many creditors will take into account that you are going to have a hard time making payments and will adjust their rates accordingly until you get out of jail.
3. If You Are Dealing with Debt Collectors, Let Them Know That You're in Jail
If you hear from your family members that debt collectors keep bothering them, ask your family members tell the debt collectors that you are serving time. Make sure that the collectors are given enough information about your whereabouts to verify that you are in jail. They will then stop bothering your family because there's nothing that they can do currently to get the money, as long as your family members are not jointly responsible for the loan.
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