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While many concentrate on debt for tax returns, some may consider consumer credit counseling when managing funds
By Edith Barlow on Mar 11th, 2010
One of the nice things about tax time is the chance it presents for consumers to pay off their debt through receiving a return from the government.
A recent survey from tax preparation service Complete Tax shows that 13 percent of respondents said they plan on paying off their credit card debt with their return. Furthermore, 23 percent said they would pay off other bills, while 5 percent said they would use the money from Uncle Sam to handle their mortgage loan.
Respondents who were younger were more likely to use their tax refund to pay off debt. The most seen response for people younger than 55 would be to use the money to pay off debt, while those 55 and older were more likely to save the funds.
"People are not looking at their tax refund this year as a windfall to go out and splurge," said Gary Lundberg, product management director for the company.
When consumers do get their tax refund, they may wonder what the best option is for it. Some may consider getting advice from a consumer credit counseling agency, which can help them set up a budget with which they can allocate their funds.
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