Are your bills piling up? Have things gotten so bad that you can’t see foresee a time where you will ever be debt-free? You might be at a loss, asking yourself “How can I avoid bankruptcy?” Luckily, there’s hope if you’re currently receiving payments from a structured settlement or annuity.
There are many reasons people lose control of their finances. Some encounter unexpected medical expenses, costly car repairs, or even just poor spending habits that add up over time. Whatever your reasons, you don’t have to be in debt forever and you can regain your financial independence and avoid filing for bankruptcy. At RSL Funding, we specialize in helping recipients of structured settlement, annuity, and lottery payments sell their settlements or payments in exchange for a lump sum payment that they receive right away to help with financial hardships. We’ve helped thousands of customers pay off nagging debt and regain their financial independence, and we can help you, too.
How to Pay Off Debt and Avoid Bankruptcy
Before considering bankruptcy, which carries negative repercussions, consider other available options that will both get you out of debt and set you up for financial success. Receiving a lump sum payment from the sale of structured settlement, annuity, or lottery payments is a great way to provide yourself with the jump-start you need to get your finances back on track without having to resort to bankruptcy. Additionally, here are some tips you can use right now to help start paying off debt and avoid accruing new debt:
- Tip #1: Develop a cash-only spending system. Throw away your debit and credit cards and start operating on cash only. This way, you will bring only what you can afford to spend with you to the store and avoid over-spending through the convenience of credit and debit.
- Tip #2: Make a plan and stick to it. Create a payback plan for your debt, calculating how much you need to contribute to paying down debt each month. Make these payments a priority and stick to them no matter what.
- Tip #3: Involve loved ones. Talk to your friends and family beforehand and let them know you are trying to be more fiscally responsible. Instead of gift-giving at holidays and birthdays, consider baking cookies or hand-making gifts. Your friends and family will respect you for your prudent decision and may even decide they want to join in!
- Tip #4: Eliminate unneeded expenses. There are some costs – such as your mortgage, car payment, and utilities – that can’t go away, but if you look closely, you’ll find there are certain expenses you can live without. If you’re a smoker, add up the money you could save by quitting and then try it out. If your family tends to eat out a lot, try cooking more meals at home.
- Tip #5: Increase your income. This doesn’t have to be as hard as it sounds. This could mean getting a part-time job on weekends or finding a way to make income from things you already have. To find out what extra money you may have in your home, do an inventory of all your belongings and consider selling good quality but little-used items through websites such as Craigslist or Ebay. You can also make money by renting out unused rooms in your home.
Financial freedom is something you can achieve. Struggling with debt doesn’t have to be a way of life and you don’t need to resort to bankruptcy, there are options. When a reputable company will buy structured settlements, it works in your favor. It’s an excellent way to avoid bankruptcy by paying off nagging debt and taking the first step to living a debt-free life. If you’re struggling with debt and want to avoid bankruptcy, call RSL Funding today at 1-800-543-6513 or request a quote online. Rest assured, you’ll receive the most money when you sell your structured settlement or annuity!