Economic Anxiety Drives Debt-Financed Splurges Among Young Americans
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Gen Z and millennials are "doom spending" - blowing money on expensive trips and treats to cope with economic anxiety.
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27% of Americans are "doom spending" to reduce stress about inflation, cost of living, and unaffordable housing.
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Nearly half of Americans worry about having enough money for necessities, yet holiday spending is expected to reach record highs.
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32% of "doom spenders" have taken on more debt recently; 25% estimate they currently have over $10,000 in debt.
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Experts advise assessing your finances, using cash over cards, and removing stored card information to get spending under control.