Back in May of 2008, the IRS began mailing out a bunch of special tax rebates aimed at stimulating consumer spending and boosting the economy. The question was: would Americans use the extra cash to pay off debt, save for a rainy day or go shopping?
The Bureau of labour statistics clues us in on how the stimulus worked out with this particular chart. 49% of recipients used their rebate to pay off debt, nearly 18% decided to save it, and about 30% went shopping and spent it.
Breaking the chart down further, we can see that husband and wife couples were the largest demographic to go shopping and to save their money. As far as paying off debt goes, 65.2% of single parents with at least one qualifying child paid off existing debt.
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