Where will tax refunds be spent?

(NBCNC) - Credit card companies, banks and anyone who generally extends credit will like hearing what most Americans plan to do with tax refunds this year.

"42% of Americans say they plan to use that windfall from Uncle Sam to pay off their debt, pay down bills," says Farnoosh Torabi of Yahoo Finance.

Yahoo Finance who, along with Fitness Magazine surveyed 2,000 people on their spending and saving habits and found most would rather be financially than physically fit.

Torabi says that in this economy it is cash that is king.

As far as advice going forward, Torabi suggest you adjust your withholdings if you're getting a refund of three thousand dollars or more.

"If you're getting anything higher than that, that probably means you're paying the IRS too much out of every single paycheck," said Torabi.