Mar 22, 2026
According to Investopedia, a significant portion of the population plans to allocate their tax refunds toward reducing personal debt this filing season. The majority of individuals anticipating a refund intend to use it for this purpose, with over one-third of Americans specifically planning to do so.
The average refund amount is projected to rise substantially compared to the prior year, based on analysis from the Tax Foundation. This increase is attributed to new and expanded provisions within recent legislation. The higher average refund, while not sufficient to eliminate the typical credit card balance carried by consumers from mid-2025, is expected to provide meaningful…