It’s not easy pursuing a degree or saving up for a new car when you have bills looming over your shoulder at all times. One of the most pervasive problems facing American adults today is financial debt, with many sources and seemingly few options of mediating. Debt can stress you out emotionally and make even basic tasks, like applying for car loans or accruing a positive credit score, incredibly difficult down the line. If you’re looking for a way to put a dent in your debt and get back on the right track, consider a lottery lump sum payout or cash for structured settlement payments. This effective and personalized way of challenging debt has helped millions of Americans across the country, using a combination of steady payments and customized approaches to reduce stress and loans alike.
What Is A Lottery Lump Sum Payout?
Not everybody is lucky enough to win the lottery. Those that do have been found to lose their money in a mere few weeks, even with consistent attempts at saving and applying their funds to areas such as business or loans. A lottery lump sum payout can create a series of small payments in as little as 30 days, giving you the cash you need to save up or pay off your debt without seeing it all go down the drain at once. Keep in mind, though, that the lottery has to withhold 25% for federal tax depending on where you live.
What Are Common Forms Of Debt?
While there are many ways of falling into debt, there are a few methods that many Americans can relate to. Medical debt sees millions of Americans struggling, even going bankrupt, while student loans affect a significant portion of the young adult population. Nearly one in five Americans between the ages of 18 to 24 admit to being in ‘debt hardship’ and around 26% have a hard time paying their bills on time. Credit card debt is an increasingly frequent cause of financial hardship for many American adults.
What About Credit Cards?
Did you know the average consumer has three or four credit cards? A recent survey saw 70% of Americans saying there is a bigger stigma around credit card debt than any other kind, even pushing out car loans and medical bills. Consumers frequently underestimate or underreport the amount of debt they’re dealing with and, as of 2013, lender-reported credit card debt was nearly 160% greater than balances reported by the average borrower! Since a low credit score can negatively impact your ability to apply for loans or even get hired, curbing credit card debt is at the forefront of many an American’s mind. Personal loan rates, for example, can be as low as 5% if you have a good credit score.
How Should I Get Started?
Whether it’s using a lottery lump sum payout or applying for an annuity, using these tools at your disposal will help significantly in reducing your debt and, by association, your stress and frustration. Over $6 million is paid every year to fund structured settlements and the average payout is nearly $325,000. Recent studies have shown over 90% of claimants who sold their structured settlement being satisfied with their decision. Become one of the 37,000 Americans dipping their toes into the field of structured settlement and that car you’ve been needing or that house you want to apply for can become a reality sooner than you know it.