Time now for Eye on Your Money with Financial Advisor Bryce Matteson of the local Oppenheimer & Co. Inc. office. This week we're talking about ways to use your tax refund. Many Americans do get a tax refund check. And while we may be tempted to go and spend the money right away, you may wish to consider ways to put the money to work for your financial future.
Here are three ideas:
1. Pay off credit card debt if you have it. Let's say you have $2,500 on a card that charges 18.5% interest. If you only paid the minimum monthly payment, it would take you 30 years and $6,500 dollars in interest to pay off the card. It would be a good idea to use your refund to pay down or better yet, eliminate credit card debt and save yourself hundreds or thousands of dollars in interest by doing so.