How would your life be different if you had the cash you needed? Would you be able to pay off the enormous credit card debt that keeps you awake at night? Would you be able to take your family on that dream vacation that you have been talking about for years? Would you be able to invest your money in a business opportunity that is too good to pass up? Opting for cash for an annuity can provide you the opportunity to reach your biggest financial goals.
Unfortunately, many American families are crippled by debt. Debt that causes them to pay too much for airline tickets at the last minute because they did not have room on their credit card to make a charge when the flights were more affordable. Debt that has them sitting on pins and needles when they wait for the salesman to return with the approved paper work during a car lease agreement. Debt that has them working two full time jobs to simply pay the high interest rates on their cards, barely touching the balance itself.
Individual Family Debt Keeps Americans from Achieving Their Goals
In fact, the average American household with debt carries credit card balances that average $15,355. Their total debt, including student loan payments and car and house loans, equals $129,579. And while the average U.S. income has grown by 26% in the past 12 years, cost of living increases of 29% in that same time period have virtually erased the income gains any families have made.
Taking cash for an annuity instead of structured settlement annuity benefits allows families to pay off their debt. Once debt is eliminated, these consumers can get back to creating financial goals that will help them plan for their future. Allowing money to earn interest for someone else while you are paying high interest yourself makes absolutely no sense.
One scary fact about the American economy is that 26% of consumers admit to not paying their bills on time. A healthy economy exists when consumers have money to spend on new services and goods. The nation suffers when consumers are over extended on their credit cards and other loan payments. Taking cash for an annuity can help individual families pay what they owe and get back to living their lives.
America Thrives When Small Businesses Thrive
When Americans are not able to start the new small businesses that they want, the entire economy suffers. Many people in this country are employed by small businesses, and it is these businesses that keep America going strong. If you are taking small monthly or annual payments from an annuity as opposed to gaining access to the funds that are yours, you may be missing out on the chance to start your own small business. Money wisely invested in your own business plan can bring much bigger returns than the small measured interest you are earning on money that someone else has control of.
At the end of 2013, 34.8 million individual deferred annuity contracts were in place. Together, the value of these exceeded $2.58 trillion. This amount, instead of benefitting large financial institutions, could be funds that allow individuals to invest in themselves and their own companies.
Even Families with No Debt Can Benefit from Taking Cash for an Annuity
Taking a family vacation, investing in a second home, or paying cash for a college degree are all valid reasons for getting cash for structured settlements. Family time is important, and if taking a grand vacation together or purchasing a second home can encourage your family members to spend time together that is a good thing. A purchased family vacation home, for example, allows families a place to gather for the holidays and an increased chance of family members spending more time with each other.
Making financial plans for the future is necessary. When those plans keep you from enjoying the time you have now with the family members who are close to you, your plans need to be reevaluated. Taking small payments over a lengthy period of time may seem like a good idea at first. If, however, that money someone else has invested is not there for you when you need it, you will be disappointed.
