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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WSJ Your Money Briefing · Many 2024 Tax Refunds Are Being Used to Pay Down Debt · 1 Apr 2024 podcast

And folks who have student loans are also more likely to have credit card debt as well. voice-verified

So they're really burdened. voice-verified

And another example, I talked to a young woman who has $120,000 of student loans. voice-verified

She said last year she spent her full $3,000 refund trying to pay down those loans. voice-verified

But this year she's actually going to use them for a savings account because she feels like it's really just a drop in the bucket. voice-verified

Debt is extremely high this year. voice-verified

And before the pandemic, we saw a trend of debt delinquencies would go up and then they would go back down during tax season as people were able to catch up. voice-verified

So it was kind of staying at a stasis. voice-verified

But since the pandemic, debt has been going up really high, but refunds haven't been bringing that back down as much as they were before the pandemic. voice-verified

So basically, refunds aren't really going as far, but people are being burdened with higher and higher debt. voice-verified

Yeah. voice-verified

For example, I spoke to one woman who she's expecting to get a $5,000 refund this year, and she has about $10,000 in credit card debt. voice-verified

And she is hoping that debt is going to be about cut in half with her refunds, but she's also continuing to accrue charges on her credit card and accrue debt. voice-verified

So it goes a little ways, but then it is just one lump sum that isn't going to necessarily hold you through for a full year. voice-verified

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