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

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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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