So much of our society revolves around money. The acquisition of it, the spending of it, and often, the sad lack of it. Overall, consumers in the United States owe a total of $11.91 trillion by way of one debt or another. There is plenty of money circulating, but the vast majority of the population is left wanting. But if you find yourself in the situation where you could sell a portion of your annuity payments, you may be looking at a chance of getting yourself out of the hole.
Why you might want to sell a portion of your annuity payments
You are always on the lookout for ways to reduce debt. While you are aware of the structured settlement annuity benefits, you could also benefit if you were to sell a portion of your annuity payments. By getting a bigger chunk of your money at once instead of waiting for the smaller payouts over time, you could find a way to not only get out of debt but to even get ahead. The trick is to be smart about handling that amount of money. There will be temptations that will seem like a good idea to spend money on, but you have a good head on your shoulders. Keep the end goal in sight. Having an extravagant night out or a flashy new car would be fun, yes. But getting out from under your mountain of bills and setting yourself up for a promising future that could perhaps include that car and night out anyway makes more sense in the long run.
How to spend that lump sum wisely
It is not difficult to see where so many people get behind in bills or expenses. While the general household income has increased by 26% over the course of the last 12 years, the cost of living has grown by 29% in the same amount of time. How is one expected to keep up with that rate? But if you have a structured settlement annuity that you can sell, you can use that larger amount of money to make a dent in your debt, if not get rid of it completely. In 2014, about 64 million individuals, or around 35% of the population of the United States, stated that they had difficulty paying bills or were buried in medical debt. With that lump sum, you can finally be rid of those medical bills. Or perhaps you have student loans that you haven’t been able to shake. And if you have never had the chance to further your education, that lump sum could help with tuition. Invest that money in yourself and in your future if you can. Maybe you have always dreamed of opening a business, or moving into a house near your job.
No one wants debt. Too many people have it. But if were given the tools to rid yourself of it, why not do it, and get ahead in the process? And once you are on your feet, you can pay it forward by helping others in debt as well.