Winning the lottery or earning a large settlement from a successful lawsuit can be a cause of happiness for many. Those of us who dream of this imagine hoards of money suddenly becoming available to us for whatever we need, be it debt, buying a house, or something besides. Financial freedom is the goal, but the truth of how these payoffs manifest is much less ideal. More often than not, these payoffs will be given in small, incremental amounts over a long period of time- so, not quite the saving grace fortune one might have hoped for. There is an answer, however, and it comes in the decision to sell fixed annuity to get cash sooner. The reasons one may choose to do this are many, but here are some of the few:
1) Pay off Medical Bills
Many of us are well aware of how large emergency medical bills can be even with good insurance. As much as 35% of the U.S. population (that’s 64,000,000 people) were either having trouble paying their medical bills or were stuck in medical debt. The problem of high cost of medical care is a problem in and of itself but when you can instantly get cash for settlements the dream of overcoming medical debt becomes more of a reality. Frighteningly enough, almost 20% of credit reports are hurt just by overdue medical bills. There’s no reason to let this happen when you can sell fixed annuity and get settlement money now.
2) Get out of Debt
While medical bills can be a primary source of it, debt comes in the form of overdue loan payments, bills, credit card pay off, and so on (we seem to have quite a few sources of debt creation, don’t we?). The average U.S. household owes $11,244 in student loans, $70,332 on the mortgage, and $8,163 in car payments. On the whole, Americans owe as much as $11, 910,000,000,000 in debt. A scary prospect, unless one chooses to sell fixed annuity. Cash for lottery winnings or cash for your structured settlement can insure that you are pulled out of a debt quagmire quickly.
3) Buy a New Home
It’s undoubtedly the American dream to buy and own a home, but with all the financial hurdles it can seem like more of a fantasy than anything within reach. The 2010 average U.S. cost of a new home was $272,900, a large amount considering most mortgage lenders require 5, 10 or as much as 20% of the sale price. Choosing to sell your structured settlements, however, can insure your ability to afford the mortgage down payment and get started sooner on paying for a house of your own.