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Americans use stimulus to save, pay off debt more than spend

Americans are proving remarkably reliable in how they are spending their federal stimulus payments. The New York Federal Reserve released a study this week that showed Americans are using most of the money for paying down debt and for savings, with a smaller portion going to actual spending. According to the report, households, on average, are using or plan to use about 41.6% of the latest relief payment toward savings, 33.7% toward debt and 24.7% for spending. The percentage for each category has stayed relatively stable for each of the three rounds of payments.

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Associated Press

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