As things are now, about 62% of Americans are unable to cover any unexpected expenses should they arise. According to a recent survey, only 38% of Americans said that they could cover an unexpected trip to the emergency room with the money they have in their accounts. In other words, there are about 197 million people who are unprepared to absorb the cost of an illness or injury, or repairs to their car or home.
To help you get a better idea of what people are up against, here are just a few of the most common reasons why people need extra cash.
Credit Card Debt – Credit cards help people live beyond their means when times get tough, but things are going so unwell that the nation’s credit card debt has become a staggering burden. Research shows that the average U.S. household credit card debt stands at about $16,140 per household. And that’s only counting those who have debt.
Medical Debt – Life happens when you least expect it, and when it does, you’re usually left picking up the pieces. But what if you can’t pick up those pieces? What if you’re hurt and can’t pay your medical bills? That’s what many Americans are facing, and that’s why the average American has about $1,766 in overdue medical debt.
Student Loan Debt – If you don’t know that just about everyone in the U.S. has student loan debt, then you’ve probably been living under a rock. What you might not know is that it gets worse and worse with each graduating class. Now, the average class of 2015 graduate who graduates with student loan debt will have to pay back about $35,000 in loans.
If your cash needs have you considering selling your settlement, don’t worry. It’s a great idea. In fact, one study found that 92% of people are satisfied with their decision to sell their annuity.
If you have any questions about selling a settlement because you need extra cash, feel free to share in the comments.