A December 2024 CreditCards.com report reveals that 30% of Americans are increasing holiday spending due to fears of President-elect Trump’s tariffs and potential economic instability. This “doom spending” includes stockpiling essential goods and making large purchases before price increases take effect. A significant portion of consumers anticipate using credit cards to finance these purchases, potentially exacerbating debt levels. The report’s findings are based on a survey of 2,000 U.S. residents. Concerns about inflation and supply chain disruptions further fueled increased spending.
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