The leaders in Washington were hoping that Americans would spend the tax rebates that they authorized earlier this month.  The last round of stimulus from 2001 had a 40% spend rate.

However, according to a new survey, only 18% plan to spend the rebate this time around.  Most people, wisely, are either planning to save the money or use it to pay down debt.

Earlier today, a report showed that consumer confidence is starting to sag, due to concerns about jobs, housing prices and inflation on gas and food items.  Thus, the evidence is mounting that people are starting to cut back on their expenses.

My family is planning to use the cash to build our emergency fund, as we are planning to make some lifestyle changes in the upcoming months.

To read more about the survey, click here