Amex Study Finds Increases in Consumer Saving, Spending

In a mid-year financial check up, three-quarters (75 percent) of Americans say their debt has not increased over the past six months and in fact more than a third (38 percent) say their debt has actually decreased, according to the latest American Express Spending & Saving Tracker.

While consumers are focused on keeping their debt at bay, they also expressed positive long and short-term spending intentions. For example, more than one-quarter (26 percent) of the general population say that the summer weather specifically encourages more spontaneous spending.

This month’s American Express Spending & Saving Tracker surveyed consumers about their spending and saving patterns and intentions midway through 2010 compared to the beginning of the year. The research sample of 2,004 adults included the general U.S. population, as well as two subgroups -- the affluent and young professionals.

Seventy-five percent of the general population reports no increase in their debt over the past six months. More Americans say they have been focused on paying down debt (46 percent) than saving (29 percent) this year, and 57 percent of consumers with debt have been moving forward with a specific plan to reduce or stabilize their debt.

An impressive number of consumers say they have decreased their debt over the last six months: the majority of affluent (52 percent), almost half (46 percent) of young professionals, and more than a third (38 percent) of the general population. Travel is one of their top five “wants,” as opposed to “needs” such as clothing, housing and education.