3 Things You Might Be Able to Payoff by Selling an Annuity Settlement
You don’t have to be an elderly or even middle-aged person to have an annuity of some sort. More than 37,000 Americans use structured settlement money every year and in total, over $6 million is paid each year to fund new structured settlements.
Whether you got it from an insurance claim, some kind of lawsuit, or even lottery payments selling an annuity settlement is a great way to cash for settlement payments now. While the slow, steady trickle of money can be great for long-term investing and security it’s unfortunately just not that practical for many Millennials in today’s day and age.
As the prices of things continues to rise and it becomes harder and harder to obtain things like loans with poor credit, it’s becoming increasingly important for the younger generation to get their financial house in order sooner rather than later. One of the best and easiest ways to do that is by selling an annuity settlement. Here are three things you might be able to pay off by doing so.
1. Student Loans:
The bane of many Millennials that were sold on the idea of higher education. A college degree is a great thing to have no doubt, but the astronomical amount of debt one can incur can be depressing to say the least. Selling an annuity settlement is a perfect way to payoff, or at least knock a big chunk out of the money you owe to keep interest from piling up.
A lot of recent grads turn to lease options for cars to keep monthly payments low. That’s all well and good, but at the end of the term you have literally nothing to show for it. Sell your structured settlements and use that money on a down payment or to buy a used car outright.
3. Credit Card Debt:
Although many Millennial-aged Americans were smart enough to learn from the mistakes of the slightly older generation that got eviscerated by their lack of knowledge when it comes to these plastic-placeholders, there’s still many that have a significant amount of credit card debt. Paying this off as quickly as possible is crucial to setting yourself up for a secure financial future.
If you’re fortunate enough to have come across an annuity settlement of some kind for one reason or another consider yourself lucky and start considering selling it for cash to help you today. Keep in mind, 92% of claimants who sell their structured settlement are satisfied with their decision