Published on November 29th, 2015 | by Day Trader
When Should I Take My Lump Sum for My Structured Settlement?
It is easy to get caught up in the frenzy. The frenzy of Black Friday. The frenzy of Cyber Monday. In the hunt for the best deal, the lowest price of the season, we often lose sight of the bottom line. An unmanageable credit card debt that has you weighed down with nearly crippling high interest payments that may keep you from ever paying of the principle.
Rather than start another new year in a financial hole, doesn’t it make sense to take cash for your structured settlement and pay off your current debt? Eliminating debt should be the top goal for the average American family that has 13 payment cards.
If more consumers would focus on accessing the resources they have rather than incurring more debt, our entire nation would be in a better situation. For the thousands of people who have money in annuities, but are carrying heavy credit card debt, taking a cash for your structured settlement simply makes the best sense. Imagine the purchasing power and the potential for debt repayment if the 34.8 million individual deferred annuity contracts in place were turned into lump sum payments. The $2.58 trillion that these deferred annuity contracts could provide could help many Americans break their current cycle of debt.
The freedom from debt that paying off your creditors provides will allow you to make big financial progress in other areas of your life. Without the large monthly credit card payments, you could look at different ways to invest your money. If you decide to sell annuity payments your life could be completely different from how it is today.
Instead of getting caught up in the frenzy of today’s American consumerism, isn’t it time that you started paying away your portion of the $11.91 trillion in debt that American consumers owe? Take control of your cash, your way, rather than barely getting by on the much smaller monthly settlement payments that you are getting now.