Three quarters of Americans who file tax returns will get a check back from the government this year. And the value of those refunds is up over the previous year.

These latest figures pick up where last year's data from the IRS left off, continuing the trend of bigger and bigger refunds. Last year's average refund was just over $3,000, and signified an almost 10 percent increase over the year before that. This boon in refunds is not confined to any one income level, according to the Wall Street Journal, and the growth far outpaces the rate of inflation.

In the past, a refund from the government was considered a lost opportunity to earn interest and invest money. However the numbers seem to show that the majority of Americans are inadvertently or intentionally making that interest free loan to the government.

What plans do you have for your tax refund? Save or splurge? If you are inclined to put it to good use, here are some suggestions on how best to invest your refund.

Make good use of your refund:

• Pay down debt. You can pay a little more and end up saving a lot. Also check out our helpful tips on how best to retire credit card debt.

• Build up an emergency fund. You should have a handle on how best to amass cash for emergencies and future purchases. For more information you can check out our strategies for savings.

• IRA contribution: Even if you've already funded your 2010 IRA, use your refund to fund a 2011 IRA, or consider a Roth IRA.

• College savings: Check out our rundown of more than 500 college savings plans for the best bets.

Much of this financial advice first appeared in Consumer Reports Money Advisor.

Refund madness: It's in the air [The Wall Street Journal]