Consumer Payment Card News

Consumer Intentions

A monthly survey of consumers has found that 82% of Americans planned to pay off debt last month, but a month later only 74% actually did so. The poll found that 59% of consumers who have received or anticipate a tax refund this year plan to spend it on everyday purchases or make bill payments, down from 68% in 2004. The “Cambridge Consumer Credit Index” found that of those surveyed, 31%, up from 27% in 2004, plan to save their refunds in a bank account or invest the money in stocks, bonds or mutual funds. The Cambridge survey also asked respondents who owe money how they would be paying their taxes. More than seven out of ten said they would pay from their savings or checking accounts, down from 74% in 2004 and 82% in 2003. Many more Americans (11%) plan to use their credit cards to pay their tax bill, up from only 3% who used credit cards in 2004. For more information visit: “http://www.cambridgeconsumerindex.com/index.asp?content=client_surve”:http://www.cambridgeconsumerindex.com/index.asp?content=client_surve

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