Some Americans are “doom spending” as a coping mechanism for worries about the presidential election and inflation, according to a new survey.
About 27% of polled shoppers are"doom spending" — spending cash despite concerns about the economy and foreign affairs — according to a new report by Intuit Credit Karma.
Shoppers might be looking for"a sense of control, especially in a time period where it feels like so much is out of your control," said Courtney Alev, consumer financial advocate at Credit Karma. "If you're already online reading all about the things happening in the world, it's more likely that you're going to really stress out and then look for those coping mechanisms," Alev said.Shoppers who report making impulse purchases based on social media spent an average $754 over the course of a year,Doom spending can lead to bigger financial woes. Credit card balances reached $1.
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