This country has an obsession with money. People are expert consumers, and with so many industries booming, from fashion to technology to automotive and more, it comes as no surprise that people love to spend the money that they earn, and sometimes, money that they have not earned. With the overwhelming presence and permeation of money in our society, comes its partner, debt. Many individuals who are focused on the “American dream” of obtaining the perfect job in order to buy the perfect house, car, and vacation escapes or those focused on getting their hands on all the latest and greatest gadgets or goods are often the ones who also accumulate the greatest debts along with all of their goodies.
Finding ways to start paying off your debt
When all is said and done, the consumers in this nation owe a total of about $11.91 trillion in debt. More than 40% of families in the United States admit to spending more money than they are actually earning, but it is not always about irresponsible spending or a lack of financial structure or budget. At around 64 million people, which is about 35% of the population of the entire United States, the number of people who have difficulties paying bills or who find themselves in debt from medical bills is staggering. Paying off your debt can be a tricky thing, especially when those unexpected situations that life is so good at producing suddenly arise. But there are options, when you find yourself struggling, particularly if you have an annuity settlement on your hands.
Taking back the financial reins
Paying off your debt by selling your annuity payments could be the break that you have so desperately been hoping and searching for. However if you do decide to take this path back to financial freedom, it would be wise to have a financial advisor on hand, or someone you trust who has proven that he or she knows how to handle money responsibly. While your annuity payments are helpful in that they are regular installments that force you to budget, if you were able to get all of that money at once, you could potentially set yourself up for greater success in the future, provided you also set yourself up to get the money to the right place, whether it is to pay off a chunk of debt, or to invest in yourself by going back to school or starting a business, as opposed to blowing it all on something fun in the moment that does not contribute to a more stable tomorrow for you.
Knowing what your options are when it comes to money is important in learning how to get caught up financially. Education is most often the answer for many issues in general, and this is no exception. Learning what you can do, how to do it responsibly, and how to manage money long term are all keys to success. No one wants to stay in debt. Think of all the things you could do, all the freedom you would have if you were just debt free!