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Pay down debt

Posted by Kim McGrigg on 3/12/2007

Nearly half (46%) of MMI’s survey participants plan to use their refund to pay obligations.

For consumers struggling with credit card debt, using a refund to accelerate debt payments is an easy financial decision. If you pay the minimum monthly payment of 4 percent on a $6,000 credit card debt with an 18 percent interest rate, it would take more than 13 years to repay. In that time, you would pay $3,515.68 in interest charges.

To determine the benefit of accelerating your debt payments, visit Bankrate.com.



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Tax time is the perfect time to talk about financial choices, especially if you are expecting a refund. The folks at Money Management International are dedicated to increasing the financial education all consumers – spenders and savers. (And those
who owe!)

We hope you enjoy reading some of our thoughts about spending and saving and invite you to share your own. For more information about the blog and participating, please visit our Blog Guide.

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	Taxpayers have extra time to file & pay! April 15, 2007 falls on a Sunday, and Monday, April 16, is a legal holiday in the District of Columbia. This means the entire country has an April 17 deadline!

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If you have a tax refund strategy, story, or solution, we’d love to hear it.

The average tax refund is more than
$2,000—and that’s a lot of money.

Will you spend? Should you save?

Do you owe?

Did you know that Libras expect the largest refunds?

How do I know? Well, I’m a real refund know-it-all! In fact, when it comes to spending and saving, there isn’t much I don’t know.

Don’t believe me? I’ll prove it! Let’s play ‘Save Or Spend?’

How do you prepare your tax return?

The old fashioned way -- pencil & paper
I use technology, such as TurboTax
I get help from a professional


	Initial Amount: What is the dollar amount of your original deposit?


	Monthly Deposit: Will you contribute additional funds on a regular basis? If not, answer 0.


	Annual Interest: Will the interest be compounded monthly, quarterly, semi-annually, or annually? What is your expected interest rate?


	Number of years: How many years will you invest?


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