- Where’s your tax refund? It’s slow, but coming.
- The average refund is $3, 263 but advisors warn against impulsive spending.
- Rising interest rates make paying off credit cards a smart money move.
Tax refunds are coming at an opportune time this year for many Americans – despite an IRS processing lag delaying the money.
Inflation increased nearly 8% compared to last year and household savings are drying up as cash-strapped consumers take on more credit card debt to finance purchases.
The IRS has issued more than 57.9 million refunds totaling nearly $189 billion, as of March 25. The average refund was $3,263, up 12.4% from a year ago, according to the IRS.