.....As for those stimulus checks which American will soon be getting, Mark Cuban has some advice on how to spend the money. Under the plan, every American with an adjusted gross income below $75,000 is eligible for $1,400, and married couples filing jointly below $150,000 will get $2,800. And Cuban told CNBC that people should use the money to pay off their debts, especially credit card debt. If there is any money left over after that then he says to put it in the bank.
This would seem like a no brainer, especially if you have been out of work due to the Coronavirus crisis. Then you probably saw an increase in your credit card debt. Why use the money on anything frivolous. Credit card interest rates are high. If you keep on owing then you just keep on throwing money out the window covering the interest payments alone. So pay off as much of what you owe as possible.