- This was posted on September 6, 2008

Debt has become so much a part of our overall experience, that there are few who will even blink their eyes twice when they come to learn that their friends, family, or neighbors are up to their eyeballs in debt. While it used to be that we might have been envious of the “stuff” that those close to us seemed to have – the house, the perfectly decorated rooms, the cars, the vacations – we are now fully aware of the fact that, more often than not, those things were paid for with credit. In fact, many of us are in the very same boat – having financed all those things and all those trips that we couldn’t necessarily afford to buy with cash. And the bill has come due.

What has happened for most of us is that we have come to realize our situation now that the economy is depressed. The cost of even the bare essentials has gone through the roof and salaries have remained the same; in fact, there are many of us who have even been laid off as companies downsize to protect their bottom line during this time period. With growing bills, stagnant or diminished pay, and exorbitant debt, many of us are up against something that we simply cannot manage, and with no idea how to make it any better.

Bankruptcy should always be the very last option when it comes to getting out of debt. Those who are able to declare bankruptcy (and reformed bankruptcy laws have made it difficult to even do that) face many years of impact on their credit report. So instead, many people will turn to debt consolidation loans or, for those who currently receive a structured settlement payment through the courts, they may make the decision to sell annuity payments to clear out their debt. In fact, getting cash for structured settlements is one of the best ways to come up with the cash that you need without sacrificing your credit score.

In the next post, we’ll talk about how to go about getting cash for structured settlement payments and clearing debt for good.

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