PARENTS face a tricky dilemma of deciding what to do with their child tax credit payment when it arrives in their bank account next week.

The child tax credit was expanded earlier this year, and the monthly payments now equate to $3,600 annually.

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Families will receive up to $300 per child when the next round of child tax credit payments lands in bank accountsCredit: Getty

Families who chose to receive advance credits in 2021 will receive their third monthly installment on September 15.

Those who opted out can expect to receive a lump sum next year.

Parents will receive $300 per month for every child they have under the age of six.

Meanwhile, for households with children aged between six and 17, the amount is $250 per month.

Families could use the extra cash to buy essential supplies such as groceries or medicine, according to CNET.

The tax credit could be used to pay for repair works on your car or dental treatment.

Experts have recommended that…

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