46% of Americans Will Use Tax Refunds to Pay Debts


Approximately 46% of Americans who expect a tax refund this year plan to use
their U.S. Treasury check to pay down personal debt, according to an online
survey conducted last month by Chicago-based tax consultants UHY Advisors.

A random survey of 1,145 consumers shows 75% of Americans expect a tax refund
this year. Of those respondents, 24% plan to use their refunds to pay off credit
card debt and another 22% planned to use it to pay other debt.

Others said they would invest part of the money and spend some of it (33%),
invest or save it all (19%), spend it all (12%) and donate some of their refund
to charity (4%).

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