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Consumers Rely More On Credit Cards to Pay for Gas

July 15, 2006
Consumers coping with steadily rising gasoline prices increased their borrowing in May. The Federal Reserve reports the use of credit cards and other types of revolving debt rose 2.5 percent, the fastest pace since October 2004.

The average nationwide price of regular unleaded gasoline nationwide is $2.96 a gallon, down 1 cent from July 11, according to AAA. Crude oil prices are shattering record highs, topping $77 a barrel, likely sparking higher prices at the pump in the weeks to come.

Financial analysts also concluded that many consumers were relying on credit cards for large purchases since a declining real estate market and rising interest rates made home equity loans less accessible and more expensive.

Consumer credit for the month rose $4.4 billion dollars to $2.174 trillion. At the same time, non-revolving debt, which includes car loans and mobile home loans, fell $2.2 billion during May.

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