It’s not easy saving money for things you need when you have medical bills, student loans and various obligations to pay off. Debt is one of the most frequent and frustrating problems modern American adults are struggling with and many search for ways to put a dent in their bills while staying financially secure. What options are available to you? Consider applying for an annuity settlement or selling lottery payments. It’s an efficient and simple way of structuring your money to better pay off long-term financial obligations without accumulating stubborn fees or potentially going broke. Let’s take a look at the benefits of selling lottery payments or receiving cash for an annuity, which could mean the difference between getting that car you need and staying in debt for years to come.
Medical Bills And Bankruptcy
It’s thought that over 60 million people, around 35% of the American population for comparison, have trouble paying off their medical debt in a timely manner. There are over 3,000 bankruptcy filings every month and at least 20% of credit reports are hurt by overdue medical bills and late fees. Statistics from the insurance industry show that around 30% of accident victims will use all their funds within two months of recovery and the vast majority exhaust the money within five years or so. Monthly expenses can be better handled by using cash for structured settlement payments. Structured settlements offer you a specific amount of money in small increments over a lengthy period of time, perfect for tackling overwhelming medical bills and staving off bankruptcy.
Student Loans And Fees
If medical debt is the tip of the ice berg, student debt is thought to be the base. American consumers owe over $11 trillion in debt overall and a significant portion is due to student tuition, book payments, fees and loans. Outstanding student loan debt has climbed from $1.2 trillion to $1.3 trillion in just the span of a year, with little signs of slowing down as Americans around the country try to find effective means of putting a dent in their bills. While not everyone is lucky enough to win the lottery, those that do have a tendency to compulsively spend their money instead of investing it wisely. Selling lottery payments is one of many useful ways to reduce debt such as student loans.
Auto Loans And Homeowning
Last, but certainly not least, Americans find themselves saddled with auto loans in an effort to pay off their car or home insurance premiums. The average estimated transaction price for light vehicles in the United States was a stunning $30,000, not counting other elements like repairs or check-ups. When it comes to homeowning expenses, the average household pays nearly $7,000 in interest every year and carries debt of at least $15,000. If you’re trying to save up for a car and a home, being organized and cautious with your money will make a major difference. How can you use structured settlement annuity or lottery winnings to pay off your bills and get back in the financial green?
Paying Off Your Debt
Applying for structured settlements or annuity at your local credit union or loan department can help you with exhausting debt and stubborn loans. Annuities, for example, are available in multiple payout periods. The most common forms are payments over the course of 25 years or payments until death, though you can always find other options if these don’t suit you. Lottery play is one of the most popular forms of gambling in the United States and selling lottery payments is one of many ways to accumulate the money you need to reduce your student loans or pay off your medical bills for good. Gather your credit information, outstanding bills and visit your downtown bank to explore your options today and see a better future tomorrow.