Glum U.S. consumers to cut debt, raise saving

By Joshuah | Published: July 18, 2008

See, the problem is that these actions by people should really be undertaken during the ‘fat years’ rather than waiting until things are already lean.

Via: Reuters

Americans, unnerved by a worsening job market and sky-high oil prices, plan to pay off debt and boost savings in preparation for expected further economic turmoil, according to a survey from Reuters and the University of Michigan.

Half of U.S. consumers polled said they plan to speed up reducing their debt and a third said they plan to save more in the year ahead, according to the survey, which will be released next week.

“Most of the planned declines in debt and increases in savings are intended as a precautionary measure in the face of a deepening economic downturn,” Richard Curtin, director of Reuters/University of Michigan Surveys of Consumers, said in a statement on Friday ahead of Tuesday’s release of the poll.

The Reuters/University of Michigan’s widely followed U.S. consumer sentiment index has fallen sharply this year, as the economy slows and oil prices hit record highs.

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