There have been a number of reports of individuals paying less on their credit card bills (or skipping the payment altogether) - and giving the reason that they need the money to keep gas in their tanks.
The higher gas prices are not only affecting American’s ability to drive to and from their place of employment, but it’s trickling down and affecting just about everything else in our lives, too. If you are finding yourself skipping a credit card payment to put gas in your car - there’s a real problem! Not only will you have a late fee on the card, but often the interest rate will be increased due to the missed payment.
Other people are using credit cards to help keep fuel in their vehicles. Since we’re paying around $4 a gallon for gas, it’s costing us a small fortune to fill up. When you put that amount on a credit card, week after week, your $4 a gallon ends up costing you even MORE, due to interest and finance fees on the credit card.
As always, using credit cards with rewards programs offers a way to earn something back, but they’re only beneficial if you can pay your balance in full each month. Now is an important time to cut back on your excessive spending, particularly spending on high interest credit cards you don’t intend to pay in full at the end of the month, because the prices of our necessities are increasing.
The higher gas prices are not only affecting American’s ability to drive to and from their place of employment, but it’s trickling down and affecting just about everything else in our lives, too. If you are finding yourself skipping a credit card payment to put gas in your car - there’s a real problem! Not only will you have a late fee on the card, but often the interest rate will be increased due to the missed payment.
Other people are using credit cards to help keep fuel in their vehicles. Since we’re paying around $4 a gallon for gas, it’s costing us a small fortune to fill up. When you put that amount on a credit card, week after week, your $4 a gallon ends up costing you even MORE, due to interest and finance fees on the credit card.
As always, using credit cards with rewards programs offers a way to earn something back, but they’re only beneficial if you can pay your balance in full each month. Now is an important time to cut back on your excessive spending, particularly spending on high interest credit cards you don’t intend to pay in full at the end of the month, because the prices of our necessities are increasing.
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