BASKING RIDGE, N.J. -- Paying down debt will be the top use for tax refunds for some members of Affinity Federal Credit Union, according to a recent survey.
Responses were gathered from 143 members of the $1.6 billion credit union. Fifty-nine percent said they plan to use their tax refunds towards payments on credit card debt or other debts. Twenty-four percent are planning to invest their refunds in savings.
While 9% said they will use their refunds for a special purchase, 8% are planning to use the money for a vacation. Thirteen percent of members surveyed said they did not know what they would do with their refunds.
The majority of respondents, at 59%, said they believed the refunds would help jump start the economy.
Affinity FCU serves more than 122,000 members.
