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Tax rebates: Even those who saved ended up spending

Daniel Ray

What do you think people do with tax rebates, repay credit card debt or spend the money? In a newly released paper from the Philadelphia Federal Reserve, three economists find that most of us saved a little and spent a little. But the picture was worse for one group of people: Those nearly maxed out on their credit cards. For them, it represented an opportunity to rack up more debt.
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