Some of the biggest expenses that Americans typically face in their lives are paying for college, buying a car or a house, or unexpected medical bills. Americans are also typically unprepared for these expenses. If you have a sum of money due to you because of a lawsuit settlement or a lottery win, you have the option to get cash for your settlement now. This may be one of the best options available to you, because it will put a large sum of money in your hands now, rather than having to wait for years.

Living paycheck to paycheck

Apart from living expenses, what do Americans spend their money on? The bad news is that there’s not a whole lot of money to spend. As many as 72% of all Americans are living from paycheck to paycheck and 62% don’t have any savings to cover unexpected expenses. This not surprising, given that household incomes have registered only a minuscule increase of 2% over the preceding ten years.

Most financial experts recommend having at least enough money in a savings account for six months of expenses, but less than a fourth of all Americans have such savings. And 27% have no savings at all.

A mountain of debt

Given that most households are short of cash for anything beyond basic expenses, credit card debt is growing. In 2014 alone, new credit card debt registered a net increase of $57.1 billion. More than 40% of American families report that their expenses and spending exceed their income. To meet these extra expenses, the average American home now has has 13 payment or credit cards.

The extra expenses are for necessities, not luxuries. As many as one fourth of all Americans have medical debts that are greater than their savings or emergency funds. And on average, the class of 2015 will graduate with a student-loan debt of over $35,000.

Cash upfront for a structured settlement

So for most people, a large sum of money would be very useful to help them make the big purchases that will put their lives on a solid footing, or to eliminate debt. Exchanging cash for annuity payments might be one of the best options to meet your cash needs. A speciality finance company can help you by purchasing your structured settlement so you can get cash upfront.