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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?

Join The Conversation
sundrops sundrops 9 years
We started right before everything started to turn sour. We are a 20somethings family of four and last year had $48k in debt with way less than that in yearly income. We would've been a good case for Maxed Out. Between selling our rental house, tax rebate, and stimulus check we're down to $18k including our car. Whoohoo! Now to figure out the car situation and that'll knock nearly half of that out.
orisugar orisugar 9 years
I mean i understand that alot of people don't have the privilege of borrowing from my I get that sometimes taking a bank loan is inevitable.
orisugar orisugar 9 years
My dad always told me to stay away from being in debt. For grad school I was going to take a loan but my dad insisted that I take a loan from my parents instead of the bank so that I could pay them back instead of a bank- which is way better- the money stays in the family. Also I never use a credit card- always debit- so the money gets deducted instantly and i'm more careful about my spending.
insanitypepper insanitypepper 9 years
I was planning to aggressively pay down debt & save, but then I had to replace my car. So now a chunk of my paycheck is going to car payments. I have tightened up in other areas of my budget (mostly groceries & dining out) in hopes of being able to still pay off that credit card faster.
MartiniLush MartiniLush 9 years
Bella, sounds to me like you are doing a great job! Until I paid my student loans off, I was in a major money crunch! Once those are gone, you will feel soooooo financially free! :-)
bluebellknoll bluebellknoll 9 years
I just recently paid off 2 credit cards and now I have no debt except my mortgage. I also pay a little extra on that per month and it really has made a difference. It seems strange to me that I'm not in debt! However I have been thinking about buying a new car..hmmm. ;)
bransugar79 bransugar79 9 years
I was talking to my husband just the other night. We are trying to save more money and working on getting rid of our debt even though we don't have an incredible amount. I think right now especiallybut in general it's a much nicer feeeling to know that you have what is yours and you don't have to worry about someone else takign it away.
bellaressa bellaressa 9 years
Wow MartiniLush, I wish I could put $500 away a month for my EF. I am living my life very poor at the moment and I have been doing this since I started this job from a layoff. I have been actively paying off debt and rebuilding my EF (saving $160.00 a month), and putting 10% ( no matter what) in my 401K. I hope with August I will be paying off everything except one bill --I am still trying to dispute and my student loans.
rannew rannew 9 years
Yes, my husband and I are planning to CC debt free by the end of 2009. Then its on to student loans...
Le-Luxe Le-Luxe 9 years
I have an extremely aggressive plan to pay off all my debt in a year. I hope to have my debt gone and a savings intact by the end of next year. Fingers crossed!
MartiniLush MartiniLush 9 years
I try to never carry any credit card debt - I pay them off in full each month, I pay extra on my mortgage each month (even if it is only $100) and put $500/mo away in an "emergency fund". It's tough to do these things each month, but I am determined to keep at it!
emily60608 emily60608 9 years
YES!! Thanks to the stimulus & tax refund my husband & I are down to about $500 in credit card (from A LOT more at its worst ... think $10K+ !!). We have also committed to saving at least 10% of our income every month. Now just the student loans... ugh
ilanac13 ilanac13 9 years
for myself - i've been doing everything that i can to payoff my debt - i hate having it looming over my head.
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