Are you trying to save money but are having a difficult time? You’re far from alone. It seems there’s always a reason to reach into that piggy jar you keep under your bed, from paying off those student loans to a surprise medical bill that throws your entire plan into disarray. Debt is one of the biggest issues facing the modern Americans and, as a result, many search for reliable and effective ways of shaving away that debt in light of their many weekly obligations. While some will apply for loans to help them buy that used car, others may turn to an annuity settlement. This is widely considered one of the best ways of investing your money into something you need. Keep reading below to learn about financial management and why you should sell your structured settlement.
Did You Know?
Not sure whether or not to sell your structured settlement? Let’s take a look at how everyone else is faring. At the end of 2013 there were nearly 35 million individuals deferring annuity contracts, exceeding a stunning $3 trillion overall. Surveys have shown lottery play to be the most popular form of gambling in the country. When it comes to making an investment, getting out of debt is often the most important reason for the average American.
Student Loans
The United States has almost become synonymous with ‘student loans’ and it’s not hard to see why — outstanding student loan debt has grown from $1.2 trillion in 2014 to $1.3 trillion in 2015. Although more and more young adults and older adults are applying to universities and community colleges around the country to achieve job-specific degrees, student loan debt only continues to worsen. If you’ve found yourself in this frustrating position, going to sell your structured settlement may help you put a dent in that debt.
Medical Debt
Next up is medical debt. Studies have found nearly 20% of credit reports being hurt by overdue medical bills and additional medical fees. When it comes to overall figures? Over 64 million people (or around 35% of the U.S. population) admitted to having trouble paying off medical debt just back in 2014. Medical debt has been closely linked to bankruptcies and is considered one of the prime reasons families are unable to maintain their personal businesses or homes. There was a daily average of 3,400 bankruptcy filings in February of 2015 alone.
Credit And Debit Cards
How many credit and debit cards do you have? According to ongoing surveys, the average American home has 13. Nearly 40% of American families spend more than they earn and, when you also factor in medical and student loan debt, it’s not hard to see why so many homes are struggling with finances. Although household income has grown by nearly 37% over the past few years, so has the cost of living to 30%. Over 70% of Americans feel there is a greater form of stigma around credit card debt than any other form of debt, including medical and bankruptcy.
Sell Your Structured Settlement
If you have wanted to buy a house for a long time or have credit card debt to get rid of, you should sell your structured settlement. Annuity, also known as lump sum, is a useful method of receiving small payments over a standardized period of time. You can choose how long you want to wait — some have their debt paid in full after a few years, others after a decade. You can even sell a portion of your annuity payments if you don’t want to fully commit yet. When one in five Americans between the ages of 18 and 24 qualify themselves as being in ‘debt hardship’, there’s no reason not to use all the options at your disposal.