Consumers concerned about their budgets will use this year’s tax refund to pay down debt and strengthen their savings, according to a recent survey conducted by American Consumer Credit Counseling.
Out of 251 consumers surveyed in the recent web poll, 45 percent said they will use their 2013 tax refund to pay down their credit card debt, while 26 percent will put the cash directly into their savings. Less than 1 percent of respondents will use the refund to open or contribute to a retirement account or pay down student loans.
The survey results also show that consumer confidence in the economy is on the rise. Of those polled, 11 percent plan to use the refund to make a purchase, an 8 percent increase from ACCC’s survey last year, officials said.