Katherine Hamilton

speaker

654 appearances 14 recordings 1 series first heard Apr 2024 last heard Jan 2025

Katherine Hamilton’s voice in public audio — every appearance, attributed to the second.

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which were actually expanded during the pandemic. voice-verified

So some folks might be familiar with the child tax credit who are no longer eligible. voice-verified

But the low-income families who are eligible for those credits are getting them at the same time as their tax refund. voice-verified

So they're getting a really, really big chunk of money around tax season that's larger than the average or higher-income families. voice-verified

A lot of families do use that money, especially to pay off debt bills. voice-verified

So about 20% of folks said that they're planning to use the majority of their refund to pay off debt. voice-verified

And that's partly because you see people falling behind on their debt increasingly during the holiday season. voice-verified

It spikes around January. voice-verified

And then once the refunds come in, people are able to catch up on that debt. voice-verified

And you see delinquencies on debt start to decline during tax season. voice-verified

And this year, it's more of an issue because you're seeing debt get to really high levels. voice-verified

Credit card debt is at its highest ever, and people are also starting to fall behind at faster rates. voice-verified

And so that refund is going to matter more, but it's also probably not going to go as far to cover the debts for a lot of Americans. voice-verified

So, for example, I talked to one young man. voice-verified

who said that he was using the majority of his $1,200 refund to pay off credit card debts, but his debts totaled $20,000. voice-verified

So that's only covering a month or two of payments. voice-verified

He still has a lot left to cover. voice-verified

Yep. voice-verified

And that's definitely a big issue as well. voice-verified

A lot of especially young people who carry student loans are using those refunds to cover those. voice-verified

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