It is another Wednesday night. Even though you are traveling, your husband takes time to stop for a ticket. He has rarely missed an opportunity to purchases a lottery ticket in the last year. After a fairly big payout six months ago, he has decided that this is his year. In spite of the win, your husband still goes to work every day. Now that you have been able to pay off the house though, his checks are used for college funds for your three grandchildren and an aggressive schedule to pay off the last two credit cards with balances. Previously, he paid off two other cards with higher interest rates, so he feels he can take his time on these last two cards that have much lower interest rates. Your life after agreeing to cash for structured settlement is much more relaxing and enjoyable. In fact, going to work is fun again because you both know your earnings are going toward the priorities you have, not a pile of debt.
Taking Cash for Structured Settlements Provides Financial Freedom
Unfortunately, nearly 20% of Americans consider themselves as being in a state debt hardship. Living in a stressful state of debt can be both exhausting and unhealthy. In addition to the financial ramifications, people who live from paycheck to paycheck can become depressed and unhealthy. The physical burden of carrying so much debt, in fact, can be crippling. For these reasons, people who have the opportunity to take cash for a structured settlement find themselves can move themselves and their families into a more relaxed and healthy lifestyle. Freedom from debt can serve to eliminate stress and anxiety.
- Eliminating credit card debt is the first step toward financial freedom. One of the first things structured settlement payments turned to cash can be used for is paying off your debt fast. Currently, the average American adult owes $3,761 in revolving credit to lenders. In spite of the number of people with debt, 70% of Americans say there is more stigma around credit card debt than any other type of debt. The decision to take cash for structured settlement can benefit the average U.S household that pays as much as $950 in interest a year. In almost all cases it makes no sense for the average U.S. household with $15,355 in credit card debt and $129,579 in total debt to earn only a small amount in interest on a structured settlement. Instead, those structured settlement funds should be used to eliminate higher interest credit card debt.
- Paying cash for a college education paves the way for a successful future. Most well paying jobs require some kind of college education. Unfortunately, earning an associate’s degree from a community college or a bachelor’s degree from a university can be expensive. And while the path of success often needs to start with college, it is unfortunate that so many students amass a large amount of student loan debt on the path to their degree. Another reason for taking cash for structured settlements is to use these funds to pay cash for the college degree that can lead to a better job. Whether the money is used to pay for a degree for yourself, your child, or your grandchild, this decision is always a good one.
- Paying off a home mortgage allows Americans to grow their savings accounts. For the fortunate Americans who have neither credit card debt or student loan payments, the next big payment they make is often for their home. The cash from a structured settlement can also be used to eliminate a home mortgage. Freedom from monthly house payments allow home owners to start putting more funds into savings accounts and other investments.
- Family dream vacations are a great way to celebrate the cash payout from a structured settlement. the most fortunate consumers are those with no debt. The cash from a structured settlement can help you become one of the fortunate few consumers who can invest part of their funds in a dream vacation or a second home. Even when you do not have debt, it often does not make sense to let someone else earn the interest from funds that are rightfully yours.