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@public enemy #1: I knew someone in one of my college courses who won 500 dollars with a scratch off, and ended up buying scratch off tickets, and hit something like 20 or 50,000.
@catcherintheeye: Putting it the bank DOES help the economy. Banks have more to lend, which means they will lend to more people, which will help them start a business, which will give people jobs. Things really do trickle down.
@catcherintheeye: I think the sample of Consumerist readers (people with an awareness of finance) isn't the best gauge.
Most people will buy iPhones and spinny tires, I'm sure.
I'm glad to see that most people are voting to pay off debt, but I guarantee how this is going to go down...
1) Plan how the money will be divided to pay off debts.
2) Realize that you don't have to pay off so much debt, save some over for "entertainment" expenses.
3) Slow put more and more money into "entertainment"
4) Rebate is gone, debt still there.
@GitEmSteveDave: I won $100 a long time ago on a scratch and win. It turned out to be a curse, as they got their $100 and then some when I kept buying them and won at most $2 or a free ticket.
A lot of people are going to be like "WHooooo! Free money!!! I'm going to go party and buy me an XBox 360!" My mom said it would be better if people had debt, to not give them a check, but just put the amount toward the debt they had... instead of giving these people "free money" they can blow on stuff they can't afford.
@UpsetPanda: I hate to be cynical but I really cringed reading your comment. I hope that all works out for you, if not date me.
@lovenoelg: As I said, this certainly isn't a scientific analysis.
@GitEmSteveDave: I was under the impression that this was meant to be a short-term solution. I'm not going to argue that things do work as you described, but over what period of time?
@catcherintheeye: I am no economist, just a consumerist, so I can't even guess as to the time scale. But if you look at the results above, there will be a stimulus for some retail outlets, and the banks will be able to post more deposits, both of which will help the markets out. The people who make money off the markets will either save it in a bank, helping, or invest in more things, which infuses businesses with money to open more stores/hire more people, etc....
@HRHKingFriday: Nothing like a diversified investment portfolio. I would maybe cut back on the reefer and use the capital to short golf course futures- most of us upper class whities aren't gonna get squat.
I'm putting mine towards the very last of my credit card debt! I am on a plan to pay it off in 1 year 8 months at the latest. It sounds arbitrary, but that's paying $250 a month until it's gone, plus adding unexpeted cash (like this!) to it when it comes. This will, effectively cut several months off my payback plan!
So, instead of it taking 20 months to pay off, it will now be gone in 15 or so, if not sooner! Huzzah for that!
I was *really* tempted to look at the amount of my anticipated rebate - $1200! - and see how very closely that matches what I want to spend on a new iMac! But, no. It's not meant to be! I'll buy it with cash saved the good old fashioned way. Sigh!
This is NOT law yet. A deal has been reached in the HOUSE, and HOUSE only...that's why you saw Speaker Pelosi & Rep. Boehner talking with Secretary Paulson. The Senate still has their say, and though leaders Reid and McConnell have expressed their desire to pass the House version, you still have 98 other Senators who would love to tack on earmarks/pork. If Reid & McConnell are able to jam this through the Senate with a minimum of extra junk, the President will sign it (almost assuredly), and depending on the distribution used (Paulson mentioned electronic methods, which would be hella faster than printing checks), you'll have your money a few weeks/months hence. I'd put over/under at June 1st for the first (e)checks to hit the streets.

















Hello 600 scratch and win tickets!