GREEN BAY, Wis. (WBAY) – The idea of spending money when you feel good or bad isn’t new, but “doom spending” is getting a lot of chatter on social media right now.
It’s the practice of spending money to soothe fears about big issues, including politics or the economy.
But financial advisors say that kind of spending can have serious consequences for your finances.
Bankrate data show more than half of Americans say they feel they’re getting bombarded with bad news online and this is affecting how they spend their money.
Financial experts say once we peel back the layer of money, it really is about feelings. Maybe you’re worried or scared — or you’re celebrating.
But experts warn this “add to cart” approach is a short-lived strategy that can have long-term consequences.
“This combination of both high interest rates and doom spending as well as high cost of living, …