Child Tax Credit Mainly Spent on Food and Rent
Thursday, April 21, 2022
SEATTLE, April 13, 2022 /PRNewswire/ -- QuoteWizard®, a LendingTree company, and one of the nation's leading online insurance marketplaces, released a new report on how each state spent the expanded child tax credit.
QuoteWizard found that 79% of Americans spent the tax credit on food, 40% used it for utility payments and 40% used the money to pay either their mortgage or rent.
"We found that people mainly spent the expanded credit on basic necessities like food, clothing and shelter. I think the extra money really helped out families who were struggling with the pandemic and inflation," said Nick VinZant, Sr. Research Analyst with QuoteWizard by Lending Tree.
The child tax credit was increased as part of the American Rescue Plan Act. The tax credit went from $2,000 per child to as much as $3,600 per child.
The full report on child tax credit spending in each state is available at the link below. QuoteWizard found that the way Americans spend the money varied significantly from state to state.
https://quotewizard.com/news/posts/how-the-child-tax-credit-is-being-spent
Key Findings:
-- 79% of people spent the tax credit on food
-- 40% of people spent the tax credit on utilities or housing costs
-- 25% of people used the tax credit to pay off debt
-- 13% of people saved the tax credit
Percentages will not add up to 100% because people were allowed to choose multiple spending categories.
About QuoteWizard
QuoteWizard (quotewizard.com) is an insurance comparison marketplace for consumers looking to save on insurance. QuoteWizard provides consumers with direct access to thousands of qualified agents in all 50 states, as well as major carriers, who offer personalized quotes and the opportunity to save up to 40% on auto, home, health, and life insurance. Agents and carriers, in turn, benefit from millions of highly qualified leads, calls, and traffic to their site. Based in Seattle, QuoteWizard was founded in 2006.
For more information, go to quotewizard.com, like our Facebook page and/or follow us on Twitter @quotewizard.
Related Links
https://quotewizard.com
https://quotewizard.com/auto-insurance
https://quotewizard.com/news/posts/the-best-and-worst-drivers-by-state
Media Contacts:
Emily: emily@quotewizardnews.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/child-tax-credit-mainly-spent-on-food-and-rent-301522719.html
SOURCE QuoteWizard
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