The 13 worst things to do with your tax refund
Time - 02/29/2016
Using a tax refund check to pay off debt is the most popular way to spend a tax refund, as 27% of respondents plan to do so, according to the GOBankingRates survey. “The goal in spending a tax refund should be long-term financial security,” said Tim Gagnon, a professor of accounting at Northeastern University’s D’Amore-McKim School of Business.
“Just reducing [a credit] card balance to run it back up does no good,” he said. Eliminating a credit card completely, paying off a high-interest loan and avoiding another similar debt is, however, evidence that your spending habits are under control.