NASHVILLE, Tenn. (WSMV) – As gasoline prices rise ahead of the holiday weekend, many continue to feel the sting in their wallets.
“It was hard to follow,” said Adam West.
West owns a landscaping company serving the Nashville area. It usually stops several times at the gas station during a typical week.
“You know, I use about $250 worth of gas a week, and it’s gone up a lot,” West explained.
It’s a costly leap we’ve all seen. But, as a Certified Financial Planner and Vice President of Beacon Capital Management, Daniel Benson notices the impact beyond the pump.
“It’s been interesting this year; there are statistics there. The average credit card debt in the United States today is $841 billion, approaching all-time highs,” Benson said.
On top of that, he says credit card interest rates are also approaching all-time highs. So delaying your payments could cost you even more for those who prefer to use cards at the pump.
“If you’re paying off that credit card every month, you don’t really see those interest rates going up. But if it doesn’t, you have food inflation, high gas prices, and your credit card bill going up all at the same time, which is not a good scenario for anyone,” Benson explained.
But despite this price spike, there are still ways to save.
“The amount we were allocating to spend on food, gas and clothes, all of that costs more. We have to make sure we’ve gone into our budget and adjusted those numbers to make sure there may be other areas in our lives that we have to give up,” Benson said.
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