The good news is that 67 percent of Americans expect to to get a refund from the IRS this year. The bad news is that much of this money is going to be spent taking care of other debts, rather than be used for something fun.

According to a survey of 1,005 adults, 29 percent plan to use their tax refund to pay debts, 27 percent will invest it and 10 percent will use it to take a vacation. After that comes home improvement (eight percent), products such as cars and electronics (eight percent) and mortgage payments (five percent.)

Just last year, 30 percent of the respondents to the same survey said that they would be using the money to take a vacation.

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