Selling your structured settlement for to pay off high interest debt:

During these times of economic hardship it is easy to accrue high interest debt due to not being able to pay off credit cards, loans, or other bills. It is important to be smart with your money and pay off any unwanted debt you may have.
If you do have a structured settlement or annuity you should be receiving money on a monthly, or annual basis. This is great news if you are in a financial crisis with bills that have insanely high interest rates. The reason why it is beneficial to sell during time of a financial crisis is the money you receive from a structured settlement or annuity is tax-free. When you sell portions or all of your payments the money you obtain from selling is of course tax-free as well. Also, it is not a loan so you will not like you have to pay the money back.
It would be wise to sit down and gather all your debt that has extremely high interest rates. Write down what you have in monthly payments. This way you can visualize what you cash flow is on a month-to-month basis. For instance between a car payment, credit cards, and loans what would it mean to get all paid off and have a positive cash flow instead of being in the negative each month.
Usually this means being able to save money each month for a house, or retirement.
If you can achieve a long-term goal of saving you will be debt free and most importantly worry free about finances. It would be a wise decision to sell your structured settlement payment to get a lump sum of money to pay debt off with a high interest rate.

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