If youve ever promised to pay off your credit card debt when you have more money, nows your chance. The Internal Revenue Service estimates that 70% of taxpayers will get refunds this year. Last year, the average refund was $2,860, according to the IRS.
If youre in the red, using the bulk of your tax refund to pay down your high-interest credit card debt can give you some fast financial relief, with almost no effort on your part. Maybe thats why the idea is so popular: In a 2016 National Retail Federation survey, about 39% of American adults said they planned to use their refund to pay down debt.
To be sure, simply paying off credit card debt doesnt address the underlying causes of that debt, so it might no…
Read the full article at: http://www.nasdaq.com/article/why-your-tax-refund-is-ideal-for-paying-credit-card-debt-cm754184
