3 Things You can Pay Off by Selling Lottery Payments

Lottery winnings

Selling lottery payments might sound like an oxymoron, but it can really be an effective, efficient, and immediate way to pay off debt you may have accumulated throughout your life. At the time you won the annual income may have been a safer and more consistent choice, but now you could stand to benefit from the more lottery lump sum payout option. Here are three things you could do with cash for lottery winnings today.

    1.) Student Loans: More and more people are going to college in our society than ever before. This is evidenced by the massive amount of student loan debt in the United States. In 2015 that total stand at approximately $1.3 trillion. The average adult in America owes $11,244 in student loans. Avoid accumulating even more debt from the interest that builds up and pay off these loans by selling lottery payments.

    2.) Credit Cards: Just under half (over 40%) of every family in the U.S. spends more than they generate in income. A big part of the problem is that every home in America has 13 credit cards on average. Society is based around debt in many ways, to the point that it has become a social norm to live above your means by financing your future. In the end though this will come back to haunt you. Credit card debt can have a crippling affect on the later years of your life as you look to buy say a car, or house.

    3.) Buy (or Pay off) a House: Speaking of buying a house, selling lottery payments is the perfect way to come up with the down payment. Lenders generally require between 5 and 20% of the sale price in cash. If you’ve already got a mortgage you could put the money towards paying it off.

No matter what you’re specific situation is in life chances are you have outstanding debt in some capacity. It’s just a fact of life for most. Selling lottery payments can be an escape from the clutches of interest rates and late fees. Don’t put off till tomorrow, what you could have paid for today.