Americans haven’t been as strapped for cash as they currently are in a very long time. With the cost of living expenses increasing and open jobs few and far between, many are turning to lines of credit just to pay expenses, such as utility bills and even to buy food. Unfortunately, after they’ve racked up substantial amounts of debt, they have no way to pay it all off.
Currently, with credit card debt ballooning, American households were left with a net increase of $57.1 billion of new credit card debt just in 2014. In recent years, adults are no longer the only individuals suffering from debt.
Now that the average cost of a college education has skyrocketed, more and more graduates are unable to payback their student loans, even when they are employed full time. Some may even be forced to begin paying back loans before they are employed, considering the dwindling job market, leading to them be charged extra for late payments.
For those lucky individuals who actually find themselves with a surplus of cash, whether it be from a lawsuit or lottery winnings, they will receive structured settlements which pay the recipient in fractions of the cash over a long period of time. However, with the crippling debt plaguing the country, an estimated 65% of people said they would prefer to relieve a lump some of money than structured settlement payments.
The advantage of selling an annuity, is that the recipient is paid a large amount of money off the bat rather than waiting. It’s common for annuities to take five, 10, or 20 years to reach maturity. Those who need extra cash to pay current debt will likely want more money now to avoid overdue charges.
Individuals living with crippling debt are far from alone. It’s unfortunate to be in a situation where you need extra cash to eliminate debt, but receiving a large chunk of money can be a saving grace. If you need extra cash as soon as possible to eliminate debt, getting cash for your settlement now can help get you back to a state of financial stability.