welcome to the new normal — frugal is the new black.
fifty-four percent of those receiving refunds intend to pay off credit card, utility, housing and other bills, according to an associated press-gfk poll. that compares with 35 percent who said the same thing a year ago. only 5 percent, about the same as a year ago, plan a shopping spree.
although 38 percent plan to spend at least part of it, the spending will be on basic needs: 17 percent on food and clothing. it was 7 percent a year ago.
by the way, 8 percent of those who owe taxes said they were very likely or somewhat likely to use a credit card to pay their tax bill.
more:
- 31 percent of those receiving refunds said they will use at least part of the money to pay credit card bills, compared with 17 percent a year ago.
- 19 percent said they will use their refunds to pay utility bills, compared with 10 percent a year ago.
- 17 percent said they will use their refunds for rent or mortgage payments, compared with 7 percent a year ago.
- 11 percent of those receiving refunds said they would use them to go on vacation, a slight increase from a year ago.
- 5 percent said they planned to use their refund for a down payment on a car, also a slight increase.
- 4 percent said they would use their refunds to buy stocks or bonds, about the same as a year ago.
see the full ap story here.
free download: get the 11-page pdf of the complete results from the ap gfk poll.