Drivers use credit cards to manage gas pain

[RamboLiberal]

http://www.msnbc.msn.com/id/9054975/

Drivers are relying more on credit cards to cushion the pain of high gasoline prices than they have in the past, according to the National Association of Convenience Stores.

Convenience stores, which sell about three-quarters of all gasoline sold in the nation, have seen the use of credit card purchases for motor fuel rise to 70 percent from about 54 percent last year, according to the industry group.

And drivers are seen reaching into their pockets for plastic more often as they try to stretch their budgets.

“Consumers are trying to displace the pain for a few weeks,” said Jeff Lenard, a spokesman for the group which includes stores owned by oil companies.

Perfect Storm - high gas prices, people who won't change their habits, new bankruptcy law coming online, bleak holidays!

[rzemanfl]

1. No shit! Plus credit card minimum payments to double just

before Christmas. Read this bleak prognosis:

http://www.corante.com/mooreslore/archives/2005/08/21/dating_the_next_recession.php

One person flipped out over his comment that economy was growing, I didn't take it that way. Read the whole thing and the link to the foreclosure vipers.

[DavidDvorkin]

2. Or can't change their habits

Many people have no choice.

[RamboLiberal]

5. I don't disagree - but I'm betting there are a lot of people

who could change some of their habits, i.e. leisure trips. Consolidate shopping trips. Not ferry your kids around to all those organized activities, but teach the joys of playing with the neighbor kids at home.

[Conservativesux]

18. I drive for a living, havent seen a drop in highway speed or traffic.

Going like bats out of hell, just like always!

Pedal to the metal. "I cant drive 55"

[KamaAina]

3. Dumb Headline of the Day

I just can't shake the image of people chewing on their credit cards like big, thin, rectangular Rolaids. :-)

[SlavesandBulldozers]

28. right?

bwahahaha

[jwirr]

4. What are they going to use to ease the credit card pain?

[genieroze]

6. Um bankruptcy? Oops, never-mind. eom

[Imagevision]

7. Keep an eye on those 29% finance charges creeping up on ya'll!!

[wakeme2008]

8. This just shows how many fools are out there

that think gas will be going down to the old Clinton era prices. Once they catch on they are not going down, not only will they have high gas prices but high credit cards balances. :nopity:

[pimpbot]

9. I save money by using my credit card....

I get 5% back on gas purchases with my card. Combine that with the 5cent savings on Mondays (local Shells do this), and it brings the price down somewhat. Hey, I try to find the easiest way to save money! I always pay my bill every month, so I dont really care about finance charges.

In fact, I use plastic pretty much anywhere that will take it. Its a lot easier to keep track of purchases at the end of the month (electronic billing). With cash I had to keep reciepts, figure out where that $40 I just took out of the ATM went, etc. :)

[CountAllVotes]

13. yes that is what I do too

and I never pay finance charges being I pay in full. You have to enroll in the Discover Card thing going at the moment through August, so do be careful!

Cashback cards are great as long as you PAY THEM OFF!!!!

:kick:

[CatholicEdHead]

20. Same here

I gas up with them for convience and like you and a couple other posters I pay it off every month. I treat the fill like I was using cash and fill up accordingly.

[question everything]

15. Same here n/t

[VegasWolf]

21. Yes, and the not so smart can all get $50,000 second loans on their

new homes.

[Conservativesux]

16. I agree. Peak oil is here to stay and so is 3 dollar/gal. gasoline.

They are all Bush-bots running on auto-pilot.

[justinsb]

10. The American Strategy of Postponing the pain

has been in effect for a few decades now. I think that is the whole thing in a nutshell really - I'll pay later for X today has been the plan in spending (government and personal), in foreign policy, in domestic policy and now the bills are coming due.

[halsaxby]

22. Damn good thing...

that MBNA and Bank of America bought themselves Bankruptcy Reform. Otherwise, they might have to worry about the massive inflation that is approaching, like the rest of us do.

[mcscajun]

11. Oh man...is that ever a bonehead play...

...displace the pain now...and pay even MORE later.

Geeze!

[CountAllVotes]

12. Discover - 5% cashback until the end of August

So, yeah, I've been using it, but only until the end of August! After that, it is back to Costco which is a 20 mile drive.

I make sure to pay it off in full when the bill closes btw. So it is of no consequence to me personally.

:kick:

[Conservativesux]

17. My Chase Freedom card is 5% off at any fuel and any gas station 4ever

I pay the whole balance of every month, right on time.

[Imagevision]

14. 34 1\2 million will be traveling using their cars on labor day

watch where gas prices will be then! Then Bush will take credit for prices sliding back to (by then) $2.75 per gallon.

USA - freedoms are decreasing, used to be nice to simply take a drive, now something so small must be figured into budgets.
Bush & Cheney - first and foremost, they're oilmen that use human american blood to further their cause.

http://downingstreetmemo.com/

[DS1]

19. All right! Sounds like a job market boom is coming

when all the current commuters simply can't afford to get to work! :bounce:

[Southpaw Bookworm]

23. Just in time for the new bankruptcy laws n/t

[Peachhead22]

24. Gas pain?

Mylanta usually does the trick for me. :)

Oh, you mean that gas pain. Nevermind.

[nashville_brook]

25. we think alike

:)

nothings gonna ease the pain when they need to declare bankruptcy bc of an illness or death in the family. no smiley for that, tho.

[fortyfeetunder]

26. When will folks get a clue?

Living on borrowed energy time, living on borrowed money. Don't they get this is only temporary and could leave to permanent poverty?

[daleo]

27. And you don't have to pay credit cards off!

This is a brilliant way to absorb high gasoline costs. I don't know why nobody thought of it before.