The majority of Americans plan to save their stimulus checks or use them to pay off debt, says a new survey.
A CNN/Opinion Research Corp. poll found that 41% of respondents plan to use their rebates to pay off bills, and 32% will put the money in savings. Just 21% of those polled intend to spend the money, while 3% said they will donate the extra money to charity.
This could cause some problems:
Jared Bernstein, an Economic Policy Institute senior economist, notes that taxpayers have in the past spent half to two-thirds of their rebate checks. However, he points out that the current economic conditions are unique.
“We’ve never done this in a period when American households are so deeply indebted,” he said. “While [saving the rebate] is a valiant thing to do, what you want them to do is spend it.”
What will you do with your stimulus payment? Have you already spent it?