Americans Must Save to be able to Spend Later on

"The recession that just rocked the U.S. economy happened in part because Americans were borrowing and spending more than they could afford. Now, three years after the downturn began, American families are moving faster than many analysts had expected to put their finances in order by paying down debts and boosting their savings"
Original Article 

People are now saying that in order for Americans to get out of the hole they have dug themselves into with the amount of debt they have assumed, they must save much more before they are able to spend again. Statistics show that "Compared with the summer of 2008, when consumer debt peaked, there is now 7 percent less mortgage debt, 12 percent less in auto loans, and 15 percent less credit card debt outstanding, according to the Federal Reserve Bank of New York. Loan payments last year were at their lowest level in a decade." People are now setting aside around 5% of their disposable income and putting it into their savings.