29 Jun When — And Why — Should You Sell Your Structured Settlement?
Most people find themselves dealing with structured settlements after they’ve been involved in a lawsuit, and it’s easy to assume that once financial compensation has been awarded, there won’t be any more problems ahead.
In truth, there are plenty of reasons why you might not be happy with the structured settlement you have — not necessarily because of the amount of money awarded to you, but simply because you don’t have control over money that’s technically already yours.
Regardless of why you’ve been awarded a structured settlement or how much you expect to receive, selling your structured settlement can be a great solution if you are displeased with your payments. And if you’re still not sure whether selling your settlement payments is the best option for you, we’ll bet that you can probably think of at least one outstanding debt or line of credit that is tying you down — something that you’d like to pay off now, so that you can really focus on the bright future ahead. For example:
- Unpaid medical bills are all too common in the U.S. today, and studies show that many Americans even abstain from receiving necessary medical treatments simply because they can’t afford to pay. It’s estimated that around 35 million Americans between the ages of 19 and 64 were contacted by debt collection agencies during 2013 because of unpaid medical bills, and a Harvard University study found that 62% of all bankruptcy cases are related to healthcare costs.
- Credit card debt is another big problem for the majority of Americans today, especially since the average consumer holds more than one credit card at a time. In fact, the average U.S. household debt is currently more than $15,000. Many consumers end up with debt because of factors that couldn’t possibly be predicted: high unemployment rates, high rent payments, and even high fees for legal reasons (like a divorce) are all reasons why millions of Americans are drowning in debt.
- Student loans have never been higher, and recent studies show that as many as 40 million American adults have at least one outstanding student loan. For college graduates of 2014, the average amount of student loan debt per person was approximately $33,000 — and that’s before all of the interest fees and processing fees are factored in.
Then again, maybe you’re a little more concerned with having financial resources for your future, rather than paying off debts from your past. It doesn’t matter if you want to go back to school, start up your own business, or purchase a new home — the money you receive when you sell your structured settlement is yours to use however you wish. Just take a look at the graphic on this page, and you’ll see that you’re definitely not alone!