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13 points

You will also be unable to take out any debt upon release. It’s difficult to get credit as a released felon without a history of defaulting on debt.

So, being generous and saying that he sees a 4% return on his investment, he’ll have slightly more than he went in owing, and will be completely unable to even get a car loan, a decent job, or place to live.

He will have turned 0 dollars in to a lifetime of hardship.

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22 points

Correction: He will have turned 0 dollars into a lifetime of hardship and a few hundred dollars.

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5 points

where do i sign?

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2 points

One thing I can say definitively about crypto: It will not see a 4% roi.

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5 points

If all of the defaults occurred >7 years ago and there’s been no credit activity since the individual would have no credit score because of no credit history. I know this because I’ve literally seen it happen. What you do then is apply for a secured credit card (basically you pony up some cash to secure an extremely low credit limit) then after you’ve established a payment history and a credit score you can move on from there. As far as I know financial institutions do not take into account one’s felon status when determining elgibility

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