Backing Ridge, N.J. Although there was hope consumers could help boost the economy by spending their tax rebates, a new survey by Lightspeed Research revealed that more than 50% of U.S. consumers plan to use their proposed tax rebates primarily to pay down debt, rather than spend it.
Only 20% of consumers said they will spend the majority of any tax rebates they receive, according to the nationwide survey.
Of those who plan to use their rebates to pay down debt, 80% plan to pay down their credit-card debt, while 7% intend to pay down their mortgage balances.
Even those consumers without financial troubles, according to the survey, are more likely to save the money than spend it.