Many Americans struggle with large amounts of debt. They may feel so under water, like they will never have the ability to pay it all off. Even when you are provided with a large amount of money, such as in a lottery winning or a lawsuit settlement, you may not have the ability to pay off all of your debt. Many lawsuit settlements and lottery winnings are set up in structured settlements, only providing you with a small portion of your money each month. This can make it very difficult to pay down large amounts of debt. You have probably considered the possibility to sell your structured settlements, allowing you to make better financial decisions with your large amount of money.
Consumers actually vastly underestimate or underreport how much debt they have. In fact, as of 2013, actual lender reported credit card debt was 155% greater than borrower reporter balances. High credit card debt can carry a variety of negative consequences. When you carry high credit card debt, your credit rating is lowered. You are unable to obtain credit for more needed things, like a mortgage or a car loan. Your high credit card debt is likely costing you a lot in interest charges. In fact, the average household is paying a total of $6,658 in interest per year. Think of the additional things you could do with that money each year! When you sell your structured settlements for cash, you have the ability to pay off your credit card debt, improve your credit rating and stop paying large amounts of credit card interest each year.
If you are receiving an annuity settlement, you have probably thought of many other ways that you could utilize the money in whole. Perhaps you have considered starting your own business, turning your settlement into a monthly income. Most businesses require a good amount of money to start out. If you have a lot of credit card or other types of debt, it may be difficult to get a business loan. Also, you may not want to take out a business loan because of the high interest rates. When you sell your structured settlements, you can have the available capital to start the business that you desire.
Many people with cash settlements may also dream of purchasing a home with cash. There is something enticing about owning a home with no mortgage payment on it. Not many Americans get this opportunity. When you receive cash for your structured settlement, you have the ability to purchase a home in full. In 2010, the average cost of a new home was $272,900. Some people may even want to purchase a new vehicle with no car loan on it, avoiding the high interest charges.
Others may dream of a college education or investing with their cash. There are many different ways to invest your money. When you experience financial challenges, such as high credit card debt, you are likely not able to invest your money or prepare for your retirement. With your large amount of cash, you can choose the stocks and bonds that you wish to invest in. You can choose safer bonds that will make you steady income over the years. When you sell your structured settlements, you also have the option to pay for your or your child?s education in full. Too many Americans are struggling with student loans and having the ability to pay for a college education in full can provide you with many benefits.
Many people who have received lottery winnings or a lawsuit settlement are stuck with smaller, monthly payments. Most have considered the many options they could spend that money on, if they had it in full. When you choose to get cash for settlements, you are opening up your financial opportunities. You can get yourself out of credit card and other types of debt, you can purchase a home or car in full, you can begin or invest in a business of your own, you can pay for an education in full and you can invest in retirement or stock options. There are many advantages to having the option to decide what to do with your money.
