Many Americans are excited to spend their rebate checks on that new electronic gadget or fashionable piece of clothing, but it may be wiser to save it or use it to pay off interest-collecting debts. The government is handing out $105.7 billion in rebate checks - up to $600 per working individual and $1,200 per married couple plus $300 per child. Nearly half of the checks have been sent out as of this week and taxpayers are now swimming in nearly $57 billion of additional funds.

Surprisingly only 40% of people are planning on spending their checks and most are plotting a practical strategy. Vehicle, gas and travel-related expenses are often #1 on the list followed by home-related expenses, and then a combination of buying food and paying off debt. Others are using the check to catch up on rent or pay off backed mortgages as the housing market continues to experience a steady stream of problems.

Americans can relax a bit too- Obama stated recently that he will push for a second round of rebates next year regardless of whether or not the stimulus package can be labeled a success. Good news for consumers and companies, but it could be bad news for the government that continues to run at a huge deficit.