Most Americans are using tax refunds to boost savings or pay off debt, according to a CNBC survey. Here's what filers need to know this season.
Senior industry analyst at Bankrate
"Refunds are down 10% at a time when other costs are up significantly," Rossman said. Although inflation has been trending downward, the"This may be the largest windfall that a typical household receives all year," Rossman said. "So it's unfortunate that theSome 45% of Americans expect to receive or have already received a tax refund this season, according to the CNBC survey.
, is "always a prudent option" for your tax refund, said Ken Tumin, founder and editor of DepositAccounts.com, a website that tracks the most competitive options for savings. "The average credit card rate is a little bit over 20% these days, which is the highest since we started measuring almost 40 years ago," Rossman said. "So if you have credit card debt, putting some of this refund money towards that debt is a really good choice."
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