Don’t expect a huge bump-up in the economy when the main portion of the stimulus checks arrives.  Per a Harris Poll released May 5, 38% of respondents will use the money to pay down non-mortgage debt, and 35% will put it directly into their savings accounts.

Both of these options are good personal finance options, but they won’t stimulate the economy at this time.  This is especially true considering that Americans’ credit card debt jumped 6.7% in the first quarter of the year.

All those debt payments from the stimulus checks will not free up people to spend more.  It will only stave off their creditors for a few more months.

Think long and hard about what you plan on doing with your stimulus check.  If you don’t have a good emergency fund, the check would be a great start in building it back up.  If you have credit card debt, think about paying some of it down.  Now is not the time for the new flat screen TV.  I know many people will say this is not patriotic, but this minor amount of money will not change our collective economic fate.  It seems better to fix the problems now (high debt, inflation, over priced real estate, etc.) by saving or paying down debt, than buying one more expensive trinket and having the economy  limp along for another year, before the hammer drops.