Friday, March 03, 2006

How to Save Money with your Income Tax Refund

As the income tax deadline nears, there are approximately 102 million Americans who will get an average tax refund of $2,154.00.

Considering the the average american carries around $8,500.00 in credit card debt with interest rates around 17-20%; now is the time to take charge of your finances and do something that will help you reduce your debt and save money.

The first step in building savings and getting off the credit card tread mill, is to forget about the Plasma TV or new computer, and invest in yourself.

Look at paying off your credit cards as an investment. By taking your Tax Refund and investing in your own credit card debt, you're guaranted a return of 17-20%. Over the next 5 years, you will save around $1,300.00 in interest charges simply by paying $2,154.00 on your credit card bill.

The challenge is not to ramp up your spending, but, this is the price that must be paid to become cashflow positive and save money.
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