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Household Spending Drops to its Lowest Level Since 1983

“U.S. households have been saving more and spending less since the financial crisis over four years ago, and family finances are starting to reflect the new trend.

U.S. households spent 10.6 percent of their after-tax income on debt payments in the third quarter of this year, the lowest level since 1983, according to Federal Reserve data cited by The Wall Street Journal.

Tack in other payments not classified as debt, such as rent and car leases, and the figure comes to 15.7 percent, also a roughly 30-year low….”

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