What Is A Structured Settlement
First things first: what is a structured settlement and how can you go about purchasing structured settlements to save up the money you need? This is a legal settlement, paid out over a period of time to the recipient at their financial discretion. This method of distributing money has been around for decades, being established with special tax rules back in the 90’s and paving the way for Americans to garner the financial assistance they need. An immediate annuity can have you receiving payments in 30 days and the average structured settlement payout is an upward of $300,000! However, what if this method isn’t right for you?
What Is A Lump Sum?
Unlike a structured settlement, or annuity, a lump sum is a fixed amount of money paid instantaneously rather than over a period of time. While a gradual payment can be useful if you’re trying to pay off student loans or save up for a new home, a lump sum can be the ideal option for a one-time purchase you have your eye on. If you find yourself on the winning end of a lawsuit or recently rolled lucky in a lottery, you can use a structured settlement or a lump sum payout to determine how you use your money. For those that struggle with credit card debt, however, read on to learn about your unique options!
What If I Have Credit Card Debt?
It’s estimated one in five Americans struggle with debt, with a recent survey finding at least 25% of its recipients admitting to having a hard time paying their bills in a scheduled fashion. With the average American household carrying $15,000 in credit card debt, how can you get cash for a settlement payment when your history is already in murky waters? When it comes to getting the loans you need, some companies offer personal loan rates at lower numbers than average. While 5% is ideal, 10% to 20% are options that are available to help you get what you need in a matter of months. Now that you’re caught up on the ins and outs of these different payment methods, let’s get you started on saving up for your own dream goals.
How Do I Get Started?
Are you considering purchasing structured settlements or perhaps adjusting your lottery winnings to a more gradual annuity payout? First you need to meet with loan company and get your credit card history checked. A spotty history doesn’t always mean you’ll be disqualified from a loan application! Secondly you need to ask what you’re trying to get out of your lottery annuity payout or cash for structured settlements — are you trying to put a dent in medical bills or do you need a new car to get to and from work? These questions will go a long way in helping your decision be a fruitful one, whether it’s a gradual payment or an immediate payout. Grab your credit card information, look up your local loan company and see how they can help you achieve your goals today!