Thousands Set To Receive Financial Compensation, But How Will You Spend Yours?

Almost 9,000 people are due to receive financial compensation this month after they paid fees to a private probation company in Rutherford County. Following a lengthy lawsuit, it was determined that Providence Community Corrections (PCC) had illegally obtained money from locals convicted of petty crimes, with assistance from Rutherford County. A settlement figure of $14.3 million was agreed and those who applied for a cut will receive anything from $100 to $10,000, which undoubtedly many will use to ensure a good night out in the city. But if you are a Murfreesboro resident with a sudden financial windfall coming your way, how do you make the most of your cash?

Utilize a high-interest bank account

The checks being issued are a great way for Murfreesboro and Rutherford County locals who have faced difficulties in life to increase their wealth. Attorney Elizabeth Rossi stated during the ongoing PCC lawsuit that “PCC was extorting money from some of the poorest most vulnerable residents of Rutherford County.” So now is the ideal time to deposit your check into a high-interest bank account, so that you can boost your finances. To truly maximize your windfall, lock your cash into an account for several years as these accounts typically offer the highest interest rates and you’ll see a healthier return in the long run.

Treat yourself

It’s unknown how many individuals in Murfreesboro and Rutherford County will receive anything close to the $10,000 figure that will reportedly be given to some of the victims of this callous crime. However, even if you don’t receive quite this sum, you can still use the money to treat yourself to something extra special. Just six in ten Americans took a vacation during 2017, according to Gallup. Therefore, you could put your check towards a well-earned break. And if you haven’t got the additional cash available to cover the full cost, consider borrowing the extra cash required from a reputable lender, which offers low-interest rates.

Get on top of your debts

Business Insider reports that credit card debt in Tennessee currently sits at an average of $6,217 per person, putting the state in 44th position overall. It’s common for those living in Murfreesboro to fall into debt as the city has a high sales tax of 10%. Furthermore, the average median income is just $50,337 per annum, whereas the average throughout the U.S is $53,482 per year. So, if you’re lucky enough to receive a payout from Rutherford County and PCC when they start issuing checks during the week commencing January 8, it’s a wise idea to use all, if not a significant portion of your cash to pay back some of what you owe.

A number of individuals in both Murfreesboro and Rutherford County are due to receive a check any day now to compensate them for cash which was extorted from them by the PCC. But before your check arrives, it’s recommended that you carefully consider how to make the most of your cash. Therefore, be sure to consider your deposit, spending and payback options.