Credit Crisis Why Selling Your Structured Settlement Makes Sense
Despite an increase in jobs — the US Department of Labor stated recently that more than 290,000 jobs were added to the economy in December 2015 — and a stable unemployment figure, the financial situation for most Americans remains precarious. In 2015 the average household in America owed more than $7,200 in credit card debt. In fact, 2014 saw a net increase of $57.1 billion in new credit card debt. More than 60% of U.S residents could not cover unexpected expenses and a similar percentage (66%) reported that they were “living paycheck to paycheck”. As a nation, as many as 40% of us say we spend more than we earn.
The picture is far from rosy when it comes to savings too. Almost 30% of Americans have no savings at all, and less than a quarter have enough saved to cover costs for half a year. Within this context, a cash lump sum is a God-send, yet few have the means to access one. For those with an annuity or structured settlement, there is a way to access those needed funds, however. Selling your annuity offers the opportunity to access cash for a settlement in one lump sum, rather than waiting for the monthly payouts of a structured settlement. This means you can eliminate debt by settling those credit card bills in their entirety, splurge on a needed holiday, cover living expenses or even start the savings account you have never been able to do.
This quick cash option lets you access cash for an annuity now rather than waiting 20-odd years for it to mature. Similarly selling your structured settlement means you can access the cash for a settlement in one lump sum rather than in monthly installments. This applies to lottery pay-outs, civil lawsuit settlements and other form of structured pay-outs that spread an amount over a set period of time. It takes about 45 days for the lump sum to become available after a structured settlement or annuity has been bought. While consumer debt is unlikely to fall in the near future, those who can cut their debt obligations will be better positioned to weather the financial storms. Ger more information on this topic here.
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