Many paying for fuel with credit cards
April 14, 2011
For many people credit cards have provided a convenient and simple means of making payments instead of paying cash or using cheques. However, it appears that these days credit cards have become an essential tool to help people afford to fill up their cars so that they can get around. Many people have used their cards at petrol stations in the past simply because of the convenience that they provide. However, these days people are said to be using them out of necessity.
As all drivers will know the cost of petrol and diesel has rocketed over recent months, and the cost of filling up a tank has soared. As a result of this many people have had to resort to using their credit cards to pay for fuel at petrol stations because they cannot afford to do anything else, and this has sparked concerns about the knock on effect that this will have on consumer debt levels.
Daily living costs have soared in many areas recently, yet many people have seen their pay either frozen or reduced because of the recession and the financial climate, which has left most struggling to cope with the rise in the cost of living. Many people are not only paying for their fuel with their credit cards but are also now meeting other essential living costs with their cards. Many are unable to make much more than the minimum repayment after using their cards to this degree and will come to a point where they have maxed out their card and have massive debts to pay as well as still having to find a way to meet the cost of living.
Tags: Card, Money Management, official, recession, past, necessityOne official said: “With inflation hitting 4.4 per cent last month, it’s not surprising that many families need to resort to using their credit cards for more and more living expenses. But we believe this does highlight just how important it is to keep on top of credit commitments overall.”
Consumers make everyday purchases with credit cards
December 2, 2010
An industry official has pointed out how people are now using credit cards to make everyday purchases rather than reserving them for one off purchases, luxury items, or more expensive items. In the past many people that had credit cards only used them in emergencies or if they were buying something that they could not afford to pay for in one go.
However, these days more and more people are using their credit cards to make everyday purchases, from paying for groceries and travel to paying for drink and lunch in the pub. The convenience and ease of credit cards has made them very popular amongst consumers that don’t want to be carrying cash around everywhere. They have also proven to be a financial lifeline for many people that have suffered financial struggles due to the credit crisis and recession.
Richard Sorsky, who works for the UK Insolvency Helpline, said that credit cards were no longer seen as a luxury, and rather than being used by wealthier people, as they once were, they were now tools that were used by the average consumer to pay for many different items both online and on the High Street, as well as by phone.
He said that more people were now spending instead of saving, and this was because it was impossible to save any significant amount of money for some people due to the high cost of living. There is also the fact that most people are not getting any return on their savings due to low rates of interest from banks.
Another recent report has also highlighted how popular credit cards are becoming, but industry experts want to ensure that consumers are being sensible with their credit cards as well as enjoying the convenience and ease that they offer.
Tags: Richard Sorsky, Credit Cards, buying, consumers, recession, consumer