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Study: Consumers Hope to Cut Debt and Save More

There's a study being released this week that claims Americans are worried about the job market and oil prices and plan to pay off debt and boost savings in anticipation of further economic turmoil.

The survey, which was done by Reuters and the University of Michigan, says half of US consumers polled plan to work on reducing their debt and a third said they plan to save more in the year ahead. Here's more:

"Most of the planned declines in debt and increases in savings are intended as a precautionary measure in the face of a deepening economic downturn," Richard Curtin, director of Reuters/University of Michigan Surveys of Consumers, said in a statement

A recent poll here on Savvy showed only 10 percent of readers have maintained the same spending habits amid the rising prices of food and gasoline, so I am not the least bit surprised by the findings. Are you actively trying to cut your debt?

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