Americans are socking away more money and have reduced their debt in the past two years, making significant progress toward putting their finances on sounder footing. The progress bodes well for the economy -- the sooner consumers pay off debt, the sooner they can drive economic growth.
SOURCES: Bureau of Economic Analysis, Federal Reserve Bank of New York | The Washington Post - Feb. 16, 2011
Consumers paying debt, saving more Article | The recession that just rocked the U.S. economy happened in part because Americans were borrowing and spending more than they could afford. Now, three years after the downturn began, families are moving faster than many analysts had expected to put their finances in order by paying down debt and ...
Climbing out of debt, Americans are saving more Article | Compared to the summer of 2008, when consumer debt peaked, there is now 7 percent less mortgage debt, 12 percent less in auto loans, and 15 percent less credit card debt outstanding, according to the Federal Reserve Bank of New York. Loan payments last year were at their lowest level in a decade.