Fire & Finance Blog

Fire & Finance Blog

Spending Pullback

Americans Get Frugal

Most Americans are pulling back on their spending so they can save more money, stretch their dollars, pay down debt and hedge against a sluggish economy, a new report from Bankrate finds.

Bankrate said that nearly 2-in-3 Americans say they are limiting their monthly spending. 

The top reason for regulating their funds is the need to save more money (30%), followed by stagnant income (25%), worries about the economy (15%) and having too much debt (10%). 

On a bright note, only 3% say they are pulling back on spending because they are worried about losing their jobs. 

What this means for the economy is that the relatively strong job market will not necessarily translate into a binge of consumer spending and borrowing. 

Spending Pullback

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