“We’ve taken a big hit. We’re writing 7-10 bonds a week, down from 20-30 from before,” said Greg Sullivan, owner of ABC Bonding.
The bail bonds business is not immune to a weak economy.
Sullivan said although crime hasn’t slowed down, seems the ability to make bail has… and according to recent reports, it’s a trend happening nationwide.
“When this economic crash hit, nobody has an equity line anymore, people are just struggling to make their mortgage payments,” he said.
If you’re arrested and use a bail bonds company, you pay 10-percent of the bail… and they put up the rest.
But coming up with that 10-percent, Sullivan said, is a lot harder for many families than it used to be. In San Luis Obispo, he said many times it’s young adults that end up staying in jail. Via: KSBY