A survey conducted for the National Retail Federation shows consumers plan to spend 39.9 percent of their tax rebate checks, providing a $42.2 billion boost to the economy.
Consumers will also use the money to:
- Pay down debt – $28.1 billion.
- Save – $20.1 billion.
- Invest – $3.4 billion.
- Pay medical bills – $4.9 billion.
- Other ways – $6.9 billion.
For those who'll be spending their rebate checks, the survey estimates people will be spending all or part of the rebate checks as follows:
- 17.2 million – gas.
- 21.2 million – food.
- 2.7 million – Furniture.
- 2.4 million – vehicle.
- “Me” time at a salon or spa – 2.9 million.
Let me know if you'll be spending your rebate check on necessities such as food and gas or other items, or if you'll be using it to pay credit card or other debt, for retirement, or in other ways.
Copyright 2008, Rita R. Robison, Consumer Specialist