For some Tennessee residents, using credit cards can be a source of convenience. Instead of digging out cash or worrying about debt card balances, swiping a credit card can allow an individual to move through a purchase more quickly. However, thinking of credit as a convenience could cause some individuals to lose track of their spending and end up facing considerable credit card debt.
One source of credit card debt is coming from gas station purchases. When gas prices were painfully high, many stations offered promotions and discounts for when their credit card was used at the pump. Many individuals took advantage of these discounts in hopes that they could save money while filling their tanks with the necessary fuel.
Though these discounts and promotions seemed helpful, it is important to understand how fluctuating gas prices could affect them. Many parties continue to swipe their cards at the pump out of convenience and possibly habit without thinking about how their credit use is truly affecting their purchase. As a result, consumers are continuing to have credit balances, and the interest rates on gas station cards may only contribute to the possibility of amassing burdening debt.
Credit card debt can quickly spin out of control if consumers are not vigilant about keeping up with their spending. It is important to understand when promotions may be helpful and when using a credit card may only drive an individual further into debt. If a Tennessee resident feels that his or her spending has created a debt burden, information on relief options such as bankruptcy may be able to help a party get back on track.
Source: CBS News, "Time to hit the brakes on gas credit cards", Bruce Kennedy, March 17, 2015