How would you spend your $500-$1000 tax Credit?

This was a question posed on CNN and I read the gallery of responses.  It sounded like different people had different reactions and they were varied nicely.  Now I would love to know the numbers in the different catagories but of course there was no way to know how many responders would spend it in the local economy, those that would catch up their bills, those that would take a trip, those that would “blow it” as they referred to it, some were going to pay down debt, student loans, principle on their Mortgage.  Even for those that were going to blow it, it sounded like they have been on a “de-leveraging” plan for about a year anyway.  This is what is interesting, what would be best for the economy, one person said that people would blow it on things that would help Japan or China on their goods but not America.  But then I was thinking, would it be so bad for money to be spent on paying late bills, or paying down debt, if there was a huge infux of cash to mortgage companies, credit card companies, banks, would that mean they would need less bail out money from the Govt.   I was proud of the responses that were showed, different situations need different responses, and they were well thought out for the individual situation that they were in.  So we will see what happens when the 826 B Stimilus Package is passed and what that package will include.

Before reading this series I would have said ours would all go straight to debt, now after reading some of the well thought out responses, I may go ahead and support some local business, we have been meaning to re-mulch but didn’t want to fork out the $350 it will take to do, but maybe besides paying some debt down we will support the mulch place down the road from us.

Anyone want to share what they would do with the money?

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~ by debt2dreams on January 26, 2009.

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