Why So Many Are Choosed To Sell Their Structured Settlements

Lottery payments

Structured settlements or annuity settlements are often seen as something that few of us will ever have to worry about. But surprisingly enough, many people each year end up with structured settlements — often resulting from lawsuit wins, but also occurring as the result of lottery wins. And though you may at first be thrilled if you’re one of those people, structured settlements are indeed things to worry about. This is why, oftentimes, people find themselves looking into selling a structured settlement. At first, this may seem confusing. After all, a structured settlement is, as you’ll read about below, a way of receiving money. Why would anyone be interested in selling a structured settlement? This is because you aren’t just selling a structured settlement to get rid of it, of course. You’re getting cash for structured settlements. This cash is really a lump sum option, and allows people to have more freedom to do what they want with their money when they want to. Indeed, there are many things people can do with a lump sum that they can’t do with a structured settlement. Selling a structured settlement is in fact of the best ways to reduce debt quickly. But enough of the basics — let’s get into how this all works.

Structured Settlements: What Are They?

Structured settlements are one of the options people are often given upon winning a lawsuit or the lottery. They can be known as lottery annuities or settlement annuities. Essentially, this is a way of receiving the money you’ve won over a prolonged period of time. They are offered in various lengths and payout periods, depending on the amount awarded in the lawsuit or the type of lottery in play. Usually, the two most common payments are paid out over a period of 25 years, or paid out until death. The amount paid out is dependent on the amount awarded, as you can imagine. On paper, these payments may seem like good ideas — which is why people choose them at first. But in reality, they become frustrating quickly. They restrict the amount of money you receive in one year — money that belongs to you — while at the same time, money is already being taken by the government and state for taxes. People want control of their money, which is why they often choose to sell their structured settlements. Having control of your money means you can do whatever you want to do with it, when you want to. You can also do what you need to do, which is the main concern for many people who sell their structured settlements.

Selling Your Structured Settlement: Cash To Resolve Debt

Debt is something that plagues so many people across the country. It’s believed that over 40% of American families spend more than they earn. This is something that affects all sorts of people, with one in five Americans ages 18 to 24 qualifying themselves as being in “debt hardship”. Why do we go into so much debt? The system is really structured to support debt. People put things on credit, thinking they’ll be able to pay it off when they actually won’t. People also have to go into debt, often, to go to school. Debt can climb in the form of medical bills as well. If you have a structured settlement, one of the quickest ways to get out of debt is to sell it and use the cash to pay off your debts. And if you aren’t worried about debt — or if you have some left over — you can think about what comes next.

Controlling Your Money: Using Your Cash As You Want To

Really, once you sell your structured settlement you can use your money however you wish to. If you want to go on vacation, you can. If you want to invest in your future with a car or house, you can. The point is that it’s your money to do with what you please.

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