Northeastern professor suggests best use of 2016 tax returns

Tax day is getting closer. If you end up getting a refund this year, you might want to be careful what you do with that money.

According to a professor at Northeastern, you should never use your refund money to pay down credit card debt, because using it does not help your long-term financial situation, since the debt may go back up again in the future.

Don’t put it in your savings account, since interest rates are so low. And don’t put it in your checking account, since the extra money might encourage you to splurge on items you don’t need.

The best thing according to experts, is to add to or start a 401K or other retirement account.

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