Tax Refunds May Delay Holiday Debt Payments

Millions of consumers will have to wait until mid-February to receive their tax refunds, reports Associated Press. Because the IRS was late changing alternative minimum tax (AMT) rules, taxpayers who normally file early will have to wait until the beginning of February to file.

If you were planning to use your tax refund to pay off your holiday debt, you may have to come up with backup plan to cover payments until you get your refund. Don't skip January's payment just because your refund is delayed, unless you work it out with your creditor beforehand.

MSNBC: IRS: You may have to wait for your tax refund

Read: Recovering From Holiday Debt