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M&T Survey Sizes up Economy

by Allissa Kline

Tuesday, February 22, 2011

A majority of American consumers are reporting overall better financial health now that the worst of the recession has passed, but those between age 25 and 49 continue to struggle with debt, according to a survey recently conducted for M&T Bank.

Approximately 80 percent of consumers reported having no debt, little debt or a “comfortable” level of debt, survey results show. About 12 percent reported having an uncomfortable amount of debt while 8 percent reported having too much debt and trouble paying bills, results show.

GfK Custom Research North America conducted the survey for M&T Bank and determined the results based on feedback from 1,000 randomly selected adults. Twenty-nine percent of consumers aged 25 through 49 who were contacted for the survey reported carrying an uncomfortable level of debt or too much debt. In comparison, 17 percent of consumers age 50 and older who were surveyed said they carry an uncomfortable amount of debt or too much debt. Regarding the economy in general, 50 percent of respondents said they believe the U.S. economy is still in a recession.