Many of those who are lucky enough to hold a structured settlement or annuity have realized that these assets can be instrumental in keeping a household out of the grasp of a vicious debt cycle. American families struggle with many different kinds of debt that have become very threatening to household finances, including:
- Mortgage debt
- Credit card debts
- Medical debt
- Debt related to higher education, such as student loan debt
Here are a few ways that a structured settlement or annuity can help.
Immediate Lump Sum Payments
By selling your structured settlement or annuity, you get your money right away, rather than waiting for it to be doled out in regularly scheduled payments. This puts you in charge of a greater amount of money, rather than leaving your household as a passive recipient, which is important when debt looms large.
Avoiding High Interest
Many debts come with high interest rates that many consider excessive. State governments and the federal government try to limit the amounts of interest that different creditors can charge, but it’s still easy to rack up quite a lot of debt without even borrowing that much money. The key here is that selling a structured settlement or annuity, either selling the whole asset or just part of it, can leave you with enough cash to pay off a debt entirely and avoid the addition of interest going forward.
STEP OUT OF THE ‘DEBT CYCLE’
Families without a structured settlement or annuity often get stuck in a “robbing Peter to pay Paul” situation. That is, they take out another loan to pay off existing debts. Whether it’s a home equity loan, a payday advance, an auto title loan or any other kind of advance, this strategy can leave a household even deeper in debt. If you are a structured settlement or annuity holder, this doesn’t have to happen to you. A structured settlement or annuity sale payment comes without any obligation to make regular loan payments from future income rather you are simply converting annuity payments into a present lump sum.
Sell Your Structured Settlement or Annuity with CBC
At CBC, we have years of experience helping clients complete structured settlement or annuity sales. We also have a friendly, caring staff and a great track record of excellent customer service. Let us give you more details on how a structured settlement or annuity sale can help you get out of debt – and stay debt-free. We will help you through every step of the process and keep you informed about timelines and everything else related to your sale, because, at CBC, the customer comes first.
CisionWire (press release)
Freedom from Debt: How Using Your Structured Settlement or Annuity Can Make a Difference