{"id":1966,"date":"2019-03-25T14:39:04","date_gmt":"2019-03-25T18:39:04","guid":{"rendered":"https:\/\/www.lendvious.com\/blog\/?p=1966"},"modified":"2019-10-09T08:11:38","modified_gmt":"2019-10-09T12:11:38","slug":"would-you-pay-off-debt-with-your-tax-refunds","status":"publish","type":"post","link":"https:\/\/www.lendvious.com\/blog\/blog\/2019\/03\/25\/would-you-pay-off-debt-with-your-tax-refunds\/","title":{"rendered":"Would You Pay-Off Debt With Your Tax Refunds?"},"content":{"rendered":"

The deadline for filing your tax returns is fast approaching. And that means you\u2019ll soon be getting tax refunds. Have you decided what you\u2019d do with the refund money? Put it in your savings maybe? Plan that long-due vacation? Or would you invest it? Well, there\u2019s also another option a large percentage of Americans have in mind- Pay-off debts! Yes, that\u2019s what 41% of respondents said in a recent survey by FDR. <\/span><\/p>\n

What are Americans willing to Give-Up to be Debt-Free?<\/h2>\n

Freedom Debt Relief surveyed over 2000 Americans in the age group of 18-65 on what they would give up to get out of debt. Surprisingly, <\/span>according to this FDR Survey<\/span><\/a>, most respondents were ready to sacrifice a great deal to be debt-free. It\u2019s interesting to note that 21% of respondents said they would part with vacationing for 10 years, 22% would stop dining out, and 13% would give up the right to vote. <\/span><\/p>\n

Much smaller percentages of respondents were willing to give up their phone, internet, or driver\u2019s license. But what\u2019s more remarkable is that a larger majority of respondents said they would instead use their cash windfalls to get out of debt.<\/span><\/p>\n

Also Read:<\/em> Stop Your Debts from Snowballing \u2013 Get a Loan for Debt Consolidation<\/a><\/strong><\/p>\n

Using Tax Refunds to Pay-Off Debts<\/h2>\n

When the respondents were asked what they would do with their tax refunds, 7% said they would invest it, and 26% planned to put into their savings account. \u00a0But the larger 41% said that they would use their tax refunds to pay off debt. Interestingly, this underscores one of the predominant struggles of an average American adult- dealing with credit card debt. <\/span><\/p>\n

So, is it a good idea to use your tax refunds to pay-off high-interest debts? It definitely sounds like a smart way to put your refund money to use. In fact, your tax refund may be ideal for paying off credit card debt. Here\u2019s why.<\/span><\/p>\n

3 Benefits of Using Tax Refunds to Pay-Off Debts<\/h3>\n

Using your tax refunds to pay down, or even pay-off your high-interest credit card is sure to bring you a great deal of financial relief. And especially so when your credit card debt is so much that starts eating up your monthly budget. That\u2019s probably why this idea seems to be growing very popular. Here are more reasons why this makes sense: <\/span><\/p>\n