PARENTS face a tricky dilemma of deciding what to do with their child tax credit payment when it arrives in their bank account in a week’s time.
The child tax credit was expanded from $2,000 to $3,600 earlier this year and families will receive their third monthly installment on September 15.
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 families should use the cash to pay off any outstanding debts.
Bruce McClary, of the National Foundation for Credit Counseling, told…