If you’re one of the early birds who already have their tax returns filed, chances are you’re expecting a refund. Routinely receiving a large refund isn’t a great idea, since you’re just getting back the interest-free loan you made to the government. If you’re expecting one this year, though, what should you do with it?
Here’s Rick’s advice, as cited by Kristen Colella in a February 14 article at MainStreet.com: “I would recommend people strongly consider applying their tax refunds to any credit card debt, as most credit card interest is in excess of 10%, making reducing your debt a wise investment.”
To find out how many people intend to follow that advice, you can read “What To Do With Your Tax Refund” here.