How can you save money in these trying tries? Even more significantly, what is the best way to redirect your funds into viable options for your future? When credit card bills have you stressed out and student loans are turning your hand, you may want to consider a direct funding source for structured settlements. An annuity settlement is one of many ways to garner steady income and direct it to where you need it most, be it saving up for that quality used car you’ve had your eye on or college savings for your little one. Not everyone knows about a direct funding source for structured settlements, even as getting out of debt is at the forefront of nearly every American’s mind.
Bankruptcy
Let’s start off with one of the most rampant problems in the United States: bankruptcy. Believe it or not, the majority of bankruptcy filings are done by individuals, not companies. February of 2015 saw a daily average of 3,400 bankruptcies, with less than 10% coming from small businesses and corporations. While many reasons can be attributed to this trend, one of the largest stems from outstanding debt.
Medical Bills
Did you know over 20% of credit reports are hurt by overdue medical bills? A recent survey found 64 million people (around 35% of the American population) saying they had difficulty paying bills due to medical debt back in 2014. Insurance industry statistics from The Rutter Group show that 25% to 30% of accident victims will use the majority of their funds from their judgments within two months of recovery, exhausting their money in less than five years.
Credit Cards
American consumers owe a whopping $11 trillion debt as a whole. Credit cards are a significant factor in this trend — the average American home has 13 payment cards and more than 40% of families will spend far more than they earn monthly. A recent survey even found 37% of credit card holders paying their balance in full each month, with around 15% paying the minimum balance. When 26% of Americans don’t pay their bills on time, it’s imperative to seek out ideal solutions to tackle these problems.
Tuition
Student loans got you down? According to the College Board, the average cost of tuition and fees for the 2014 to 2015 school year exceeded $30,000 at private colleges and reached nearly $10,000 at public institutions. This doesn’t include additional fees such as housing, book fees, gas money, daycare and food — even though medical debt is one of the most prevalent issues, student loans follow close behind when it comes to stress and outstanding bills. With a direct source for structured settlements, you can see this waived away in a matter of years.
Annuity
When you have medical bills to tend to or credit card debt to eliminate, you need to consider a direct funding source for structured settlements. Chipping away at your bills can be difficult when you have multiple responsibilities to juggle, after all. Annuities are available in varied lengths and payout periods — the most common are payments over the course of 25 years and payments until death, though you can customize this as you see fit. If you have lottery winnings, applying for annuity is one of the most reliable ways to ensure your money doesn’t dry up in a matter of weeks. It can be easy to feel alone in what you’re going through, but rest easy knowing you have reliable opportunities waiting around the bend.
