Consumers Not Using Tax Refund to Pay Credit Cards

POSTED: Tuesday, June 9, 2009 - 8:54am

UPDATED: Thursday, February 25, 2010 - 12:33pm

Americans are more likely in years past to use tax refunds to pay down credit card debt apparently aren't doing it this year.

That's what the credit reporting agency Trans Union has conclude and it says the delinquency rate for bank issued credit cards rose 11% in the first three months of the year. Analysts suspect those refunds are being used to cover everyday expenses because so many have lost their job.

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