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Paula Pant

Most Americans Expecting a Tax Refund

By March 22, 2012

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Most Americans expect to get a tax refund this year, according to a new Bankrate poll.

Almost half - 46 percent - expect to get a tax refund, while another 9 percent already received their tax refund. That means 55 percent of Americans are having too much money withheld in taxes.

However, roughly one-third of people who are getting a tax refund will use it to pay off their debts, the same poll found.

That's not always necessarily a bad thing -- unless you're in debt. If you're in debt, you're paying interest on your loans while simultaneously having too much money withheld from your paycheck. If you had less money withheld, you could accelerate your debt payments and save some interest.

For a more detailed explanation, check out this blog post explaining why you should avoid a tax refund if you're in debt.

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