In The Know

• Apr 26, 2008 9:08 am US/Central
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  In The Know: What To Do With Your Rebate Check

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In The Know: What To Do With Your Rebate Check

Reporting
Don Shelby

The government rebate checks start hitting mailboxes next week and Washington hopes you'll run out and spend the money.  Don Shelby said those hopes go against the wisdom of the ages.

Another former government official named Franklin said that a penny saved is a penny earned.  In these troubled economic times, saving your tax rebate is exactly the wrong thing for good of the nation, according to the current government officials.  

Most financial advisors will tell you pay down your credit card debt with the dough, or save it.  So, what's a body to do? 

It is a tough decision, made tougher by some sweet deals being offered by retailers who will give you more than you bargained for if you spend your whole check with them. 

That's caused stocks in places like Home Depot and Sears to jump. When the president said, take the money and buy some clothes, clothing makers stock went up.  But, alas, it looks like only about three in 10 Americans will spend their checks right away. 

My mother's voice rings in my ears from times long ago.  She handed me my first windfall, a nickel, and said, "Don't spend it all in one place."  But, that was a long time ago. 

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