Savings
Americans use stimulus to save, pay off debt more than spend
4 days ago | By Chron
Americans are proving remarkably reliable in how they are spending their federal stimulus payments.
The New York Federal Reserve released a study this week showing that Americans are using most of the money for paying down debt and for savings, with a smaller portion going to actual spending.
Households, on average, are using, or plan to use, 41.6% of the latest relief payment toward savings, 33.7% toward debt and 24.7% for spending, according to the report.
The latest round of government payments - $1,400 to individuals were sent out beginning last month.
The percentage for each category...
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