How are you managing on your monthly expenses? If you said ‘not well’, trust that you’re far from alone on the matter. Debt is one of the most prevalent problems affecting Americans of all financial backgrounds, considered one of the leading causes of bankruptcy, credit card fees and emotional strife today. When you’re a student trying to pay off your loans or are a full-time worker attempting to eliminate your medical bills, where do you turn to in order to keep your monthly expenses manageable? Cash for a structured settlement is fast becoming the go-to option for Americans around the country, offering them a variety of methods for getting out of debt and back into the green.
Let’s start off with one of the most frustrating issues affecting young Americans — student loans. According to the College Board, the average cost of tuition and fees for recent school years has been over $30,000 for private institutions and $9,000 for state residents at community colleges. Millenials are one of the most affected population when it comes to student loans and many are still paying off their debt well after they graduate.
Around 64 million people, or 35% of the American population, confessed they were having trouble paying their bills due to medical debt. Nearly 26% said they couldn’t pay their bills on time. This can severely hurt credit reports and making simple tasks like renting a vehicle or applying for a home loan difficult. Nearly 20% of credit reports were hurt by medical bills and one of the leading causes of bankruptcy is due to an inability to pay off medical debt.
While businesses used to compromise a significant portion of bankruptcy filings, nowadays they barely add up to 3% in any given year. The vast majority of bankruptcy victims are individuals, with a daily average of 3,400 filings found in February of 2015 alone. Medical debt and loss of a job are two of the biggest contributors of bankruptcy. The average cost to start a business these days is around $30,000.
Credit Card Debt
Many Americans view credit card debt as one of the most stigmatizing. The average individual will own 13 different payment card and studies have shown everyday people owing $3,700 in revolving credit to lenders. Due to the easy accessibility of credit cards many spend more than they earn, at an estimated 40%, and has added up to a whopping $11 trillion in collective debt.
Last, but certainly not least, we have home loans. Although household income has grown by 26% in the past 12 years, the cost of living has gone up by nearly 30% in the same period. The average household pays a total of $6,650 in interest alone and, by association, struggles with credit card debt more often than not. With structured settlement payments, managing your monthly expenses has never been easier.
Cash For Annuity
With all of these different ways to struggle financially, Americans are always on the hunt for simple and effective ways to reduce debt and eliminate stress. A structured settlement agreement can see you receiving money in small intervals over an extended period of time, allowing you to pay off your bills without going overboard and potentially accumulating interest or troublesome fees. If you’re looking to shave off credit card debt, experts recommend you contact your issuer and ask about waiving late fees — those that tried were successful 80% of the time. How will you trim your debt today?