More Americans Focused on Paying Down Debt in NY Fed Survey
People age 40 to 60 in particular are tightening the belt, the survey shows.
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US consumers are increasingly focused on paying down debt, according to a survey from the Federal Reserve Bank of New York.
Asked what they would do if they got an unexpected 10% increase in income, 38.4% of households said they would use the extra money toward debt payments. That’s the highest reading since August 2016.