College was one of the best times of your life, right? You had the freedom to learn whatever you wanted and to do whatever you wanted. Now that time is over, and you’re right where you were four years ago, only with much more experience and a lot more debt.
Debt is a very scary thing and in the ages of 18- to 24-year-olds, nearly 20% of Americans consider themselves as being in “debt hardship.” Getting your college degree was difficult and getting out of debt can be even harder, but taking the right steps to lower your debt can make it a much easier task, and you can be out of debt, and stress-free, sooner than you might think.
DON’T FALL DEEPER IN DEBT — Some people find themselves battling their debt for the entire duration of their adult lives, and then even after that. If you’re not handling your current finances and are adding on more debt, your goal of getting rid of that debt will seem centuries away. Average consumers typically have 3.5 credit cards, not taking care of these cards and adding on any debt, even if it seems insignificant, can make your situation so much worse.
PURCHASING STRUCTURED SETTLEMENTS — Purchasing structured settlements obviously helps many an experienced finance company, but it helps you, too. You’ll be able to acquire a large amount of cash that can be used to pay off a substantial chunk of your debt. Rather than getting an annuity payment every couple of months, if you get cash for your settlements, you’ll be much better off by lowering your debt a lot at once. Selling an annuity can cost up to 10% in surcharges, and in the United States, structured settlements payout about $324,000 on average. Choosing the best payout options for your situation is very important.
KNOW THE IMPORTANCE OF BUDGETING — Having a budget is a great way to not only keep track of how much debt you currently have, but you’ll be able to organize the rest of your finances as well. Actually having a physical copy of your budget is a great way for you to see your debt (as scary as it may be), know that it’s real, and be encouraged to bring it down.
Whether you’re just not spending as much money per week, or you have a financing company purchasing structured settlements of yours to lower your debt, taking better care of your money will enable you to bring that debt number down to zero. Consult with a financing expert if you need help today.