Selling an annuity is one of the single best things you can do to improve your financial standing immediately. Some people will disagree and opt for the safe, consistent income that an annuity provides, but the opportunities open to you by getting cash for structured settlements is almost infinite. Here are three things you can do with the cash you’ll receive that can have a dramatic impact on your life.
1.) Medical Bills: The rising cost of healthcare has led to a large amount of people being strapped with massive amounts of medical debts. About 35% of the U.S. population (64 million people) reported having trouble paying bills, or were stuck with medical debt in 2014. In fact, about 20% of credit reports are affected by overdue medical bills. Paying off this debt can increase your credit score almost instantaneously putting you in a better position for interest rates, loans, and other financial amenities.
2.) Credit Card Debt: On average every home in the U.S. has 13 payment cards of some kind. Unnecessary to begin with and unfortunately this leads to many people living above their means. The average person owes at least $3,700 to credit lenders. Cash for annuity means you can pay this debt off and again improve your credit score.
3.) Investing: Even if you don’t have the aforementioned debt you can still sell an annuity and upgrade your monetary situation. Instead of getting a little money over a long time, take the large sum of money and invest it yourself. Enlisting the help of a financial adviser is a good idea, but if you have the knowledge yourself you can stand to double your initial investment in no time. Make sure to diversity your portfolio to decrease risk. Remember the old adage though: you gotta risk money to make money.