Half of Millennial Taxpayers Use Tax Refunds to Pay off Holiday Debt

With the PATH Act delaying refunds for EITC/ACTC filers to late-February this year, many taxpayers may be left wishing they had their refund sooner to keep on top of their holiday bills. In a recent survey conducted by Jackson Hewitt Tax Service®, 43 percent of millennial taxpayers polled revealed that they plan to use their tax refund to repay holiday debt versus just 31 percent of the general population polled.

With more than 75 million American millennials, having money to repay those bills quickly could be the difference between compounding debt and financial health.

“Making ends meet around the holidays can be especially tough,” said Alan D. Ferber, CEO of Jackson Hewitt. “These survey results indicate that millennials could greatly benefit from being able to repay their debt quickly. To help clients access money sooner, especially those who have to wait due to the PATH Act, we’ve partnered with MetaBank® so that our clients can access products that can help bridge the gap.”

Qualifying Jackson Hewitt clients could get up to $400 of a no fee Refund Advance 0 percent APR loan offered by MetaBank as early as this week with only a pay stub or other income verification when they have their taxes prepared. Once they have their W-2 or other tax documents, they can file their taxes for the remaining advance, up to $3,200.

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