How Will You Spend Your Refund?

TurboTax Scenario 1 Choose Easy. If you used your refund to pay off a credit card right after tax day, assuming Scenario 2 the balance was $2,753 and the ARP is 14%, it would result in a savings of $1,050 in interest, which equals If you instead spend the whole $2,753, it'd be the equivalent of losing +239 -239 BIG MACSTM BIG MACSTM $2,753 is the average refund for returns filed through April 15. Most tax payers said they would spend their refund on savings or paying down debt. Scenario 3 Make the minimum monthly payment and it will take you this long to pay off the debt 8 YEARS, 4 MONTHS If you opted to save $2,753 in a high-yield savings account, in 8 years, 4 months it would result a gain of $333 in interest, but a loss of $1,050 in credit card interest which is the equivalent of losing INTEREST PAID: $1,050 చా -200 BIG MACSTM The average refund is $2,753 (RS) | The average Big Mac" is $3.58 (The Economist) The average credit card APR is 14% (Crediteard.com) Designed by Jake Mize (www.jakemize.com)