The Debt of Terror: What You Should Know About Debt in the U.S.
Most people sell annuity payments to cover unexpected bills, like the cost of a trip to the emergency room, or to fund a new endeavor, like a business opportunity. However, considering the way things are right now, selling your annuity settlement to help take care of your debt is a wiser decision than you might think. Here’s what you should know about having debt in the U.S. right now.
Credit Card Debt
The average U.S. household has about $15,355 in credit card debt, while the nation as a whole has about $712 billion in credit card debt. Worst of all, consumers are spending more than $2,500 a year on credit card interest. That is no small figure. If your credit card debt is mounting, it’s time to do something about it.
The average U.S. household has about $165,892 in mortgage debt, while the nation as a whole has about $8.12 trillion in mortgage debt. Even scarier, data from the National Association of Realtors shows that the average homeowner stays in his or her home for 7.1 years, selling his or her home while still owing over 90% of the mortgage. Worse, only 2% of homes in the U.S. are actually paid for.
The average U.S. household has about $47,712 in student loan debt, while the nation as a whole has about $1.21 trillion in student loan debt. Unsurprisingly, nearly 71% of bachelor’s degree recipients will graduate with a student loan.
Sure, it’s nice to have a safety net should anything happen, and granted, an opportunity might show up tomorrow, but as long as you have debt, the money you make isn’t truly yours. Rather than being like the more than 37,000 Americans who use structured settlement money every year, get cash for your settlement, and do something about your debt.
Granted, selling off an annuity can cost surrender charges of up to 10%, but then again, research shows that 92% of claimants who sell their structured settlements are satisfied with their decision. Be like one of these people, and get that debt monkey off of your back.