In today’s blog, we want to take a look at a common situation folks around the country face on a regular basis – namely, they need cash now – and compare the choice of selling future settlement payments for cash now to getting cash advances from a credit card.
There are certainly advantages to getting a cash advance from a credit card company. These include the speed with which that money can be borrowed and the fact that credit card balances can be paid off with very small monthly payments over time. Unfortunately, there are some fairly significant disadvantages.
First of all, credit card interest rates can be very high – sometimes over 20%. That means that if you don’t pay off your balance in full, then over time you can end up paying much more money than the initial amount you borrowed. There may also be fees and significant late charges assessed, should you miss any payments. And if those payments continue to go unpaid, your credit score could drop significantly, damaging your credit history and making it very hard over the long run for you to afford such “big-ticket” items as a car or home.
Now compare that approach to using J.G. Wentworth, an approach in which you sell your future structured settlement payments for cash. By doing a sale transaction with J.G. Wentworth, you are not borrowing any money. Instead, you are taking the money that is owed to you and simply getting it sooner. That means your credit score will not be impacted, you’ll owe no monthly payments to anyone, and your overall debt will not increase in any way! Our representatives are here to provide you more information and answer your questions with no obligation, so call us today at 877-227-4713 to learn more!