As Tax Refunds Tackle Debt, Installment Payments Become a Budget Tool

This time each year, millions of consumers in the United States tell themselves comforting but misleading stories about their tax refunds.

One story is that the check from the U.S. Treasury is “found money” or a “windfall.”

What it actually signals is that you withheld too much from your paycheck. That means you effectively gave the U.S. government an interest-free loan of your hard-earned dollars when instead you could have boosted your cash flow throughout the year.

Another...