22% of millennials used the stimulus check to pay off credit cards—here's how that improves their credit score.
conducted online by The Harris Poll on behalf of TD Ameritrade, 22% of millennials ages 24 to 38 who received a stimulus check already spent it, or are planning to spend it, on paying off credit card debt.in credit card debt, this is a smart move. If you don't need your stimulus check to afford your basic necessities, putting it toward your debt will save you from the high interest that accrues when you carry a balance month to month.
The amount your utilization rate decreases depends on just how much of your credit card debt you pay off. Let's take a hypothetical example where two people with the same credit utilization use different amounts of the $1,200 stimulus check to pay off their credit card debt. In our scenario, Julie and John both carry the same credit card balance of $2,000 and have the same credit limit of $5,000; thus, they share the same credit utilization rate of 40% .
Julie wants to use her whole $1,200 stimulus check to pay off her credit card debt, while John wants to use only $600 of his and save the other half. Julie's utilization rate would decrease to 16%, while John's would only decrease to 28%.
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