When we think about lottery winners, we likely imagine new cars and mega-mansions. But according to a recent survey conducted by the National Foundation for Credit Counseling (NFCC), most of us would actually use our lottery winnings to pay down our debt.
Among the 1,729 people who took part in this online poll, 87 percent indicated that they would use their winnings to become debt-free. Conversely, only 8 percent would use the funds to invest and grow savings before considering other priorities.
Since most of us will never win it big, the NFCC offers the following tips for paying down debt:
Published with permission from RISMedia.