Americans owe $1.08 trillion in credit card debt according to the Federal Reserve of New York, an all-time high. Rising prices coupled with dwindling savings have forced many to rely on credit cards to cover basic expenses. Delinquencies are also up and so are credit card interest rates—now averaging above 20 percent.
Structured Settlements Offer Financial Security. When injury victims receive a large lump sum settlement, the funds are often spent quickly, with studies showing 90% is gone within 5 years. This can lead to injured parties taking out loans and charging on credit cards to make ends meet.
A structured settlement is a strong financial management tool. Structures allow recipients to receive guaranteed, tax-free monthly payments over time rather than a single lump sum. Payments can increase with inflation, providing lasting income security. Funds can also be structured to cover big-ticket items like a new car or college tuition.
Structured settlements give injury victims the power to manage their finances responsibly for the long term. To learn more about structured settlements or discuss how a structured settlement could be beneficial in a specific case, call me at 949-355-4726.
Pat Farber
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