Survey: Some Paying Down Debt With Tax Refunds
By Staff -- Home Textiles Today, 4/4/2005
Washington, D.C. —Half of those who expect a tax refund this year plan to use the check to pay down debt (49.9 percent), while more than a third also hope to put some of the money into savings (39 percent), according to the National Retail Federation 2005 Tax Returns Consumer Intentions and Actions Survey, conducted by BIGresearch.
Some consumers plan to use a portion of their refund for everyday expenses (24.1 percent), vacation (13.4 percent), or a major purchase (9.1 percent), according to the survey.
Young adults are most likely to pay down debt, with 59.6 percent of 18-24 year-olds planning to use a portion of their return to pay down credit cards.
