Consumers Using Tax Refunds To Pay Off Debt, Survey Says

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00004094-consumers-using-tax-refunds-to-pay-off-de/

Wave goodbye to the days of splurging with tax refunds, according to an Associated Press story. Instead, more and more taxpayers are using their refunds to reduce their debt.

As much as 50 per cent of each refund check is going to things like credit card balances and other forms of outstanding consumer debt. This is in stark contrast to three or four years ago, where as little as 25 per cent of tax refunds went towards lessening tax payers personal debt.

You can read the rest of the story at Consumers Using Tax Refunds To Pay Off Debt, Survey Says.