Consumer Debt, Consumer Fret: What You Should Know

annuity

The one thing that’s certain about the future is that it’s uncertain, which is why annuities (which are sometimes called structured settlements) are so financially fortuitous. They can provide a stable income, creating financial security. Best of all, should any unexpected bills rear their ugly heads, you can sell annuity payments to cover the costs as well. This is why more than 37,000 Americans use money from annuity settlements every year. Considering how much debt Americans have on average, it’s easy to see why having an annuity matters. Here’s what you might not know about the consumer debt in the United States.

$117,951
That’s the average amount of American household debt. It may be because of student loans, unpaid medical bills, credit card bills, or what have you, but no matter what may have happened to incur the staggering sum, it is nothing to take lightly.

$95,000
That’s the average amount owed on a mortgage. Although a house is an investment, the jaw-dropping amount of debt can keep people tied to it for years upon years. If the neighborhood takes a turn for the worse, if storm damage wrecks a part of the house, or if anything else goes wrong, the investment can turn sour, but because so much is still owed, homeowners can do little to get out from under it.

$15,956
That’s the average credit card debt owed per household. Though this number is far lower than the other stats, it’s still as troublesome. Not only is nearly $16,000 hard to pay off, interest makes it trickier. Many can only afford to pay off the interest, which means that they make no real progress towards actually paying it off.

This debt is nothing to shake a stick at. Luckily, selling an annuity settlement can help take care of it. Although selling off an annuity can cost surrender charges of up to 10%, about 92% of claimants who sell their structured settlement are satisfied with their decision. If your debt is starting to weigh on you, this option is well worth considering.

If you have any questions, feel free to share in the comments.

Understanding Structured Settlements: What You Should KnowThe Pros and Cons of Selling Your Annuity: What You NEED to Know
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