Islandia, N.Y. (Apr 8, 2003) - More than half of all Americans (59 percent) expecting tax refunds this year plan to spend their refunds on everyday purchases or to pay bills, according to a recent survey.

Among those surveyed, 66 percent said they are expecting refunds this year. Of those receiving refunds, 27 percent plan to save their refunds in a bank account, while only 4 percent will invest the money in stocks, bonds or mutual funds, according to the Cambridge Consumer Credit Index. The index is monthly telephone poll of more than 1,000 randomly selected American consumers tracking attitudes towards consumer credit. Last year, 69 percent of those surveyed received refunds and 62 percent spent the money on everyday bills, while 23 percent saved it and 5 percent invested in stocks and bonds.

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