When planning your future, one important step is to examine your expenses and how to plan for them.
Building a budget is an easy way to track your spending and help you save money. Whether it’s eating out less, or changing your cable package, finding ways to reduce your spending can only take you so far. A substantial portion your income is likely spent paying for things you can’t cut, like debt.
The average American has thousands of dollars of debt. Until you pay this off, finding extra money to save each month will be challenging.
If you owe just $5,000 and only make the minimum payments, it will take you more than five years until you pay it off completely. Assuming an interest rate of just 15%, you’ll end up giving the credit card company more than $7,326 in payments.
If that seems like it’s a lot more than 15%, that’s because it is. By the time you pay off what you borrowed, the company collects $2,326 in interest. That’s 46% of what you they lent you.
Credit card companies charge compounding interest, which means that any interest charged is added to the balance. When you make your minimum payment, part of it covers the interest you were charged, and a small amount will go to pay off the balance. The interest you don’t pay off stays in your balance and the next month the company charges you interest on that, and the cycle starts all over again.
If you’re receiving payments from a structured settlement or annuity, however, we can help. By selling some of your future payments to Peachtree Financial, you can receive a lump sum of cash you can use to reduce or eliminate your debt.
Stop Expensive Interest Payments
Paying off high-interest debt can help your finances in two valuable ways:
- You don’t have to worry about making monthly payments
- You have the potential to save thousands of dollars in interest
Paying back the money you owe is the right thing to do, but why pay anything more than you need to? When you want to pay off what you owe, building and sticking to a budget could help you find extra money to pay off your credit card or loan faster. You might have to give up some spending money, but it could mean being debt-free faster.
If you have a structured settlement or annuity however, you have another option. Sell your future payments to Peachtree Financial, and we’ll give you a lump sum of cash you can use to pay off your high interest debt. When you speak with one of our representatives, they’ll give you a free quote on how we can get you the money you need.
Most of the people we work with do not have to sell all of their future payments. You can sell a portion of your payments to get the lump sum you’re looking for. The remainder of your settlement payments will stay intact and you will continue to receive regular payments.
If you have debt you’re looking to pay off quickly, give us a call. We’ll tell you how you can sell some of your future payments to pay off your debt now.
Peachtree Financial does not provide legal, tax or financial advice. Please contact independent professionals for those services.