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COVID stimulus

What do people do with stimulus checks? Yes, buy stuff — but also pay down debt

by Ali Budner
Jul 3, 2023
A recent study from the Federal Reserve Bank of New York shows that people often use government stimulus money to pay off debt — especially if they have a lot of it.
"Paying down your debt actually increases your future consumption, and that gives you a higher lifetime satisfaction," said the New York Fed's Gizem Koşar.
Marvin Recinos/AFP via Getty Images
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