How do you create a secure financial future? Some would say it’s saving up your money bit by bit in a piggy bank, only cracking it open in case of an emergency. Others would say it’s spending your money wisely and avoiding temptation. Yet more would note that it’s difficult to save money without a concrete, long-term plan in place. With annuity settlements and lump sum payment options, a secure financial future can be more than a distant dream — it can be your reality. An annuity involves creating a long-term financial plan to put an active dent in your debt and redirect your funds where you need it most, whether it’s helping your educational endeavors or saving up for a new house. Let’s take a look at some of the most common forms of debt, how they affect the average American and your options for a better future.
Common Debt
Nobody likes to talk about debt. Unfortunately, nearly every American suffers from overdue bills at some point in their life. A recent survey found at least one in five Americans between the ages of 18 and 24 suffering from a form of ‘debt hardship’, which is nothing to say of older demographics in the country. Some of the most common forms of debt include, but are not limited to — credit cards, mortgage, medical bills, student loans and personal loans.
Credit Cards
Did you know the average American household has over $15,000 in credit card debt? Not only is this a rampant issue, many Americans feel it’s the most stigmatized — surveys have shown 70% of Americans feeling there’s a greater stigma around credit card debt than any other form of debt hardship. Some try to use their credit cards to get out of debt, thus creating a vicious cycle that only gets deeper and deeper as time goes on.
Mortgage
Trying to save up for a new house or pay off the one you’re living in now? You’re far from alone. Household income has grown by over 25% in the past 12 years, but the cost of living has reached a stunning 29% in the same time period. The average household pays nearly $7,000 in interest every year, compounding other common forms of debt and causing many to search for feasible ways of reducing debt.
Personal Loans
Some turn to applying for personal loans to put a dent in their debt. This can be difficult to do when your credit history has been negatively impacted by student tuition and medical fees, however. Fortunately, there are many options for reducing credit card debt — personal loan rates are at around 10% to 20%, but can be reduced the more you work on your credit card history. Monthly payments are considered some of the best options for those looking to pay off their balances in full within the next few years.
Applying For Structured Settlement
To obtain a secure financial future you need to seek out the best options at your disposal. You can get cash for settlements by applying for a fixed rate at a secure credit union — some annuity contracts can last as short as a few years and as long as 25, though they’re flexible depending on your situation and needs. More than 37,000 Americans use structured settlement money every year to pay off loans, put dents in medical bills and buy necessities. An immediate annuity can even see you receiving payments within 30 days. When it comes to crafting a future that is yours, the best step is always the first step in your journey. Where will you start saving today?
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