Many 2024 Tax Refunds Are Being Used to Pay Down Debt

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.8 • 1.6K Ratings

🗓️ 1 April 2024

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

The IRS said the average tax refund through March is about $3,200. WSJ’s Katherine Hamilton joins host J.R. Whalen to discuss how many Americans are using the funds to help them get out from under mounting debt. Listening on Google Podcasts? Here's our guide for switching to a different podcast player. https://on.wsj.com/48YljZs Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	If you're looking to invest your money wisely, you'll need our investment wisdom.
0:05.5	Our experienced fund managers search the globe for companies that offer the potential for long-term growth.
0:11.0	Invest in our collective wisdom for your savings or retirement,
0:15.1	the Witton Investment Trust. Find out more at Witton.com issued and approved by
0:20.6	Witton Investment Services Limited,
0:22.6	FRN 46227, on 31st of January 2024.
0:27.2	An equity investment, your capital is at risk.
0:30.0	Here's your money briefing for Monday April 1st. I'm J.R. Whelan for the Wall Street Journal.
0:38.0	The IRS says as of last month taxpayers have on average received a refund of 3,182.
0:48.0	That's a nice amount of money to see a pier in your bank account, but don't book that vacation just yet. For a lot of people,
0:55.5	that check has been earmarked for bills. Credit card debt is at its highest ever, and people are also
1:00.9	starting to fall behind at faster rates.
1:03.0	And so that refund is going to matter more,
1:06.0	but it's also probably not going to go as far
1:08.0	to cover the debts for a lot of Americans.
1:10.0	We'll talk to W.S. J.
1:12.0	Catherine Hamilton, after the break. The less your business spends the more margin you keep. Net Suite by
1:27.2	Oracle brings accounting, finance, inventory, and HR into one proven platform helping you reduce costs everywhere.
1:35.0	Now through April 15th, NetSuite is offering a one-of-a-kind flexible financing program.
1:41.0	So head to Net Suite.com
1:42.5	slash Wall Street right now.
1:45.0	Tax refunds Americans are receiving this year, I'm more likely to go toward paying down debt.
	...

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