59% Americans unhappy with stimulus package: Experian

When asked how consumers plan to use their rebate check from the federal economic stimulus package, 19% said they would pay off a debt, 16% said they would pay utility bills, and 10% said they would apply the proceeds toward home repairs.

An Experian Consumer Direct poll shows that more than half of Americans feel the recently signed US$152bn federal economic stimulus package is a short-term solution for the troubled U.S. economy, while 32% feel the package will cause more Americans to reinvest in the economy. The survey also gathered consumer attitudes regarding their 2007 federal income taxes.

When asked how consumers plan to use their rebate check from the federal economic stimulus package, 19% said they would pay off a debt, 16% said they would pay utility bills, and 10% said they would apply the proceeds toward home repairs.

"The current credit crunch has forced many consumers to reprioritize their spending habits and to more effectively manage their personal finances," said Ty Taylor, group president of Experian InteractiveSM. "This is evident in the survey results, as nearly 20% of Americans surveyed plan to use their federal economic stimulus package rebate to help pay off a debt."

In terms of 2007 income tax returns, 25% of respondents indicated they plan to use their refund to help pay off a debt, 15% said they would invest the proceeds, and 6% said they would use the refund for travel expenses.

"The results of the survey show that many Americans feel the economic stimulus package will have little impact on their personal financial situation," said Dr. David Algranati, director, Experian Research Services. "Sixty-two% of those surveyed said they or their family would receive little or no benefit from the stimulus package, and only 15% of consumers expect it to cause them to increase their spending."