Here's how Americans say they plan to use their bigger tax refunds this year
CBSN
Tax refunds are shaping up to be supersized in 2026, thanks to the "big, beautiful bill" signed into law last summer by President Trump. And many Americans already have plans for how to use that money, according to new findings from Bank of America Global Research Edited by Alain Sherter In:
Tax refunds are shaping up to be supersized in 2026, thanks to the "big, beautiful bill" signed into law last summer by President Trump. And many Americans already have plans for how to use that money, according to new findings from Bank of America Global Research
The most common use of tax refunds — often the biggest check of the year for many households — is paying down debt, the research found.
About 36% of respondents to a Bank of America survey this month said they plan to use their IRS refund to pare their debt. Roughly 10% said they would make a major purchase or cover everyday expenses, while about 13% expect to put the money toward savings.
Household debt in the U.S. has hit new records in recent months, with Americans leaning more on credit cards for everyday expenses and taking out larger loans amid rising car and home prices. Despite the higher balances, this year's plans echo prior years, when paying down debt was also a priority, Matt Schulz, chief consumer finance analyst at LendingTree, told CBS News.
During the 2025 tax season, about 34% of consumers told LendingTree they planned to use their refund checks to erase debt, he said.
White House chief of staff Susie Wiles has been diagnosed with an early stage of breast cancer, she confirmed Monday. Jacob Rosen, Olivia Rinaldi and Caitlin Huey-Burns contributed to this report.
Hyundai Motor North America is halting sales of some 2026 Hyundai Palisade models and planning to recall more than 68,000 of the vehicles after an incident that resulted in the death of a child. Edited by Aimee Picchi In:
A Ring camera in Manchester, Tennessee, captured a delivery that went viral and led to thousands of strangers helping change a man's life. In:
Washington — President Trump is taking questions from reporters ahead of a meeting with the Kennedy Center board of trustees on Monday, which is taking place as the third week of Iran war is underway. Tucker Reals contributed to this report. In:
As the war in the Middle East drives up energy prices, Americans are feeling the pinch at the gas pump. With elevated prices likely to stick around in the near future, experts say there are some practical steps drivers can take to stretch their fuel a little farther. Edited by Aimee Picchi In:
Gasoline prices inched higher on Monday with Brent crude remaining above $100 per barrel, as the Strait of Hormuz, a vital shipping lane for the global energy supply, remains paralyzed amid the Iran war. In:
Travelers continue to face long lines at airports across the U.S. due to the partial government shutdown affecting TSA agents. In:
A haunting whale song discovered on decades-old audio equipment could open up a new understanding of how the huge animals communicate, according to researchers who say it's the oldest such recording known. In:
Mexican authorities have arrested a suspected drug trafficker who played a key role in the raid that led to the death of Mexican drug lord Nemesio Oseguera last month, the defense ministry said on Sunday. In:
UConn edged UCLA as the No. 1 overall seed in women's NCAA Tournament when the bracket was announced Sunday night. In:
Americans eager for lower borrowing costs may have a long wait ahead of them. Edited by Alain Sherter In:
Gunnar Henderson and Roman Anthony homered and the United States limited the Dominican Republic's electric offense to win a thrilling semifinal 2-1 on Sunday and move one win from capturing its second World Baseball Classic championship. In:
The documentary "All the Empty Rooms," which memorialized children killed in school shootings through a look at the bedrooms they never returned to, took home the Oscar for Best Documentary Short at the 98th Academy Awards on Sunday. In: