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Before You Spend Your Tax Refund

money

It is the start of a new year and a lot of Americans are struggling. 

The number of Americans one paycheck away from disaster has made the news for years.

The majority of Americans admit it would be unlikely they could pay an unexpected $1,000 bill with money on hand.

An unexpected bill for a $1,400 expense becomes a crisis for many Americans.   

Elevate’s Center for the New Middle class recently released a study.

They found that a common expense such as replacing a vehicle transmission or the out-of-pocket expense for a broken was more than $1,400.

All too often an unexpected car repair can cause a huge upset in a household’s finances.  The result is many Americans use their credit cards or turn to the lender of last resort the payday loan.

Two-thirds of Americans would have a hard time finding $1,000 to cover an emergency.   These are households are making $50,000 to $100,000.  For household making under $50,000, 75 percent would have difficulty.

Every year Americans use their tax refund to get caught up on credit cards and payday loans.  The only problem is “What are they going to do next month?”.  If all your refund will allow you to do is get caught up on these high-cost loans, you should contact a local bankruptcy attorney and schedule a consultation.

So before you spend your tax refund getting caught up on credit cards or payday loans.  Before you pay back friends or relatives with your tax refund, consider contacting a local bankruptcy attorney and scheduling a consultation.


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Posted January 17, 2017