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The $1.9 trillion COVID-19 relief bill has been signed, and the $1,400 stimulus payments for many Americans are on the way. About 90 million stimulus payments totaling $242 billion have already been distributed as of Wednesday, with more to be dispersed in the coming weeks.
The first batches of payments were mostly sent by direct deposit, according to the Treasury Department and Internal Revenue Service.
MarketWatch asked readers what they plan to do with their stimulus checks, and over 100 people gave feedback. A large portion said they will be investing the money, but here were some of the other responses.
“Paying off student debt,” Justice Cummins shared with us via Instagram. Student loan payments and collections were frozen in March 2020, and that freeze has been extended several times by both the Trump and Biden administrations.
It takes some Americans decades to pay off their student loans, according to an analysis of student-loan borrower data by the National Consumer Law Center and the Student Borrower Protection Center.
One reader said he planned to use a portion of his check on his pet.
Other MarketWatch readers claimed they will be splitting up their $1,400 check and using each part differently.
One user even said they will be be donating the check to charitable causes.
As stated above, many people told MarketWatch they will be using their stimulus checks to buy stocks and invest in the market.
A recent survey from Bloomberg News showed that nearly two-thirds of Americans are planning to spend their stimulus checks immediately. The other third say they will save it.
