Ways To Wisely Use This Years Tax Refund
Since we are in the midst of tax season, many people are probably making plans on what they are going to do with the money that they will be receiving back from the government.
Some people are probably planning on going on a trip, a shopping spree, or buying a new car while others are planning on paying it down on some debt or invest in a safe market. However, studies have shown that most consumers, even when given the opportunity to pay off personal debt, do not.
So, here are a few options for using your tax refund:
PAY OFF SOME HIGH-INTEREST DEBT
Whether it’s department store credit cards, a car loan, or even a student loan, try to pay off some debt with this year’s tax return. If you are still trying to pay down some holiday debt, knock those balances out immediately. Department store cards’ interest rates are on average 10% higher than commercial credit cards. It would be in your best interest (pun intended) to leave the plastic at home and use cash instead.