"The current credit crunch has forced many consumers to reprioritize their spending habits and to more effectively manage their personal finances," said Ty Taylor, group president of Experian Interactive(SM). "This is evident in the survey results, as nearly 20 percent of Americans surveyed plan to use their federal economic stimulus package rebate to help pay off a debt."
In terms of 2007 income tax returns, 25 percent of respondents indicated they plan to use their refund to help pay off a debt, 15 percent said they would invest the proceeds, and 6 percent said they would use the refund for travel expenses.
"The results of the survey show that many Americans feel the economic stimulus package will have little impact on their personal financial situation," said Dr. David Algranati, director, Experian Research Services. "Sixty-two percent of those surveyed said they or their family would receive little or no benefit from the stimulus package, and only 15 percent of consumers expect it to cause them to increase their spending."
Other key survey findings include the following:
Economic stimulus package
- 41 percent of consumers "strongly agree" that the economic stimulus package is not enough to help distressed homeowners
- 20 percent of respondents "disagree" that the stimulus package will harm the U.S. economy by increasing the federal deficit
- 16 percent of those surveyed said the effect of the stimulus package will lead to an increase in consumer spending
2007 income tax return
- Of those who have not currently filed a 2007 tax return, 8 percent plan to file on April 15, while 4 percent plan to file for an extension
- 63 percent of those surveyed filed their tax return electronically, while 48 percent of those who have not yet filed their return plan to do so via U.S. mail
- 9 percent plan to use their tax refund toward home repairs
