From the Article:

The American public is waking up to the rising threat China poses and adopting a newfound appreciation for the dangers of debt.  With the ratio of U.S. household debt to disposable income still standing at a historic high of 126%, consumers are cutting back on spending and becoming savers.  Recent surveys show that demand for personal loans and residential mortgages is contracting.

During America’s heydays from 1950 to 1985, the household savings rate averaged approximately 9%.  For the next 28 years, the rate steadily declined.  By 2007, the rate actually went negative, as many homeowners became self-deluded that their homes were automatic teller machines.  That downward trend is over.  The U.S. personal savings rate has quickly climbed to 5%, about halfway back to its normal level of 9%.  More here from Big Government.com