IN the aftermath of unprecedented global disruptions, revenge spending has emerged as a conspicuous consumer behavior, allowing individuals to seek solace in material indulgence. However, the surge in revenge spending, often accompanied by a tendency to overspend, has raised concerns about the escalation of household debt.
Many are playing the card of "emotional compensation" as a coping mechanism, offering a brief respite from stress and emotional challenges brought by the pandemic. The thing is, we are no longer in the pandemic, but household debts are continuing to escalate at an alarming rate like a spring tide. This is not an isolated case for the Filipinos. Just two months ago, Wall Street Breakfast: Put it On Plastic discussed the $1-trillion US credit card debt milestone for the Americans.
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