Americans are paying down debt more than they are saving, this month's American Express Spending & Saving Tracker survey shows
Seventy-five percent of the 2,004 adults surveyed reported that their debt has not increased during the past six months, MarketWatch reports.
The survey sample included the general U.S. population plus the affluent and young professionals. Fifty-two percent of affluents, 46 percent of young professionals and 38 percent of all others said their debt has actually decreased.
However, consumers’ stated savings goal for the year appears to have decreased by $2,000 since January, when they said they would try to save an average of $14,000. To date, consumers report having saved 25 percent of their savings goal during the first six months of the year.
"Consumers are taking a measured approach to their finances — loosening their purse strings for meaningful experiences such as dining out and traveling with friends and family, while keeping their eye on their financial goals for the year," said Pamela Codispoti, American Express senior vice president and general manager, Consumer Card Products.
However, even though consumers appear focused on getting out of debt, those surveyed also expressed positive long and short-term spending intentions. Sixty-four percent said they expect to spend as much or more during the next six months compared to the past six months.
According to economists at Morgan Stanley, the gain in U.S. imports in May points to a pickup in business and consumer spending that indicates the U.S. economy last quarter was the healthiest in four years, Bloomberg Business Week reports.
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