Debt payments

We’ve mentioned that some Americans used their stimulus money to pay their bills; however, some needed the money to pay existing debts. More than 15 percent of those who received the first round of stimulus checks said that they used the money to clear debts.

The issue with existing debts was even more concerning at the time when the second round of stimulus checks hit Americans’ pockets. Half of Americans surveyed by the US Census Bureau said that they used the money to pay debts.

According to finance experts, the percentage will most likely grow when it comes to the third round of stimulus checks.

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