Only 8 percent of consumers plan to refinance their mortgages in the next year, down by half from the 16 percent who had planned to refinance in October 2002, according to the Cambridge Consumer Credit Index.

Of those surveyed, 35 percent have refinanced in the past two years, up from 24 percent who had done so in 2002. About 57 percent of those survey have not refinanced and have no plans to do so, down slightly from 60 percent in 2002.

About 30 percent of the respondents who are refinancing said they planned to use money saved from refinancing to pay off non-credit card debt such as car and student loans. Another 23 percent said they planned to increase their savings, 22 percent planned to spend the money on home improvements, cars or other major purchases, 10 percent planned to us it to pay off credit card debt and 15 percent planned to use the money in other ways.

The findings are the result of a monthly nationwide telephone poll of more than 1,000 adults.

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