Most Americans Say They Will Not Spend Their Stimulus Checks

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?

Rebate checks won’t get spent [CNNMoney] (Thanks, Matthew!)
(Photo:stirwise)