With today being the last day to file taxes, many people are anxiously awaiting their tax refunds. However, for many, these tax refunds will go straight to paying off debt.
One man in Gainesville reported that he will receive $8,000 in tax refunds, however, every penny of it will be going to student loans that he took out while in college.
The Gainseville Community Service Center, which helped people file their taxes for free, reported that a majority of the people stated that they would be using their tax refunds to pay off debt and that they live paycheck to paycheck. When asked how much money they had in savings, the highest amount was $120.
Debt can accumulate due to student loans, credit card bills, and medical bills, among other reasons, and can be excruciatingly stressful to pay off. If you are in debt and would like to discuss your options, please contact the Birmingham debt negotiation lawyers of GREENWAY BANKRUPTCY LAW, LLC, at (205) 324-4000.