Are you expecting a tax refund this year, and if so, what do you plan to do with it? The annual survey by the National Retail Federation suggests that in 2017, almost two-thirds of taxpayers expect to receive a refund, and many of those taxpayers plan to use their refund responsibly by paying down debt.
Certainly there are people who will use their refunds to splurge — 8.7% of survey respondents intend to apply their refund toward a major purchase like a new TV or a car, and 10.7% intend to take a vacation using some of their refund. However, 35.5% chose the responsible path of applying their refund toward paying down debt. Approximately 48% of respondents chose another responsible path by depositing their refund in a savings account.
While the percentage of respondents planning to pay down debt is on the rise (up from 34.9% in 2016), the percen...
from MoneyTips https://www.moneytips.com/many-tax-refunds-going-to-pay-down-debt
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