More Americans are concerned about the impact recent tariffs could have on their pocketbooks in the coming months.
Goods entering the United States from Mexico and Canada now carry a 25% tariff.
A recent report from creditcards.com shows that 1 in 5 Americans are buying more than they otherwise would because of the concern of tariffs.
Learn more about the report in the video below:
I talked with shoppers here in the Tri-State about how tariffs are impacting their spending habits. Some people said they've been trying to stock up ahead of any potential price hikes.
“I have actually,” said mother, Hanna Janovic. “I've tried to run and get groceries before the prices go up. I think it also affects what you get."
According to the report, tariffs have been fueling more purchases than usual in recent weeks. Roughly 19% of people surveyed in the report say they're buying significantly more.
Janovic said the tariffs come as many families are already struggling to make ends meet.
"I have a full-time job, I’m a nurse and I’m still struggling (with finances) with little kids, so I know it's definitely hard on middle-class America," Janovic said.
Some families tell me the tariffs are adding a feeling of fear and uncertainty.
"I’m just praying. Every day it's something new and I just think everyone's mentally on the same page," said Mary Allshouse.
The report also found 34% of credit card borrowers plan to take on more debt this year.
Financial wellness coach Al Riddick said it's great to be prepared, but don't "doom spend" your way further into debt.
“An acronym for fear is false experiences appearing real,” Riddick said. “So, when you don't know what will happen in the future, that will make some of us experience anxiety or frustration and we just want to take action."
While tariffs may be out of your control, Riddick said you can control how you respond. So, take a step back and think about the consequences of your spending before making a big purchase.
"You have 100% control of what happens next, so you can control how much you spend on groceries, how much you spend eating out, or put into a savings account," Riddick said.
Four out of 10 Americans are stockpiling items like nonperishable food items, toilet paper and medical supplies, according to the report.
“I hope that promises that were made for those prices to go down and things to be more affordable for families come through,” Janovic said.
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