Latest news

Over two thirds taking on debt to pay for petrol

Since the 2011 Budget, petrol prices have gone up by £0.02p a litre, and new research from Equifax has revealed that more than two thirds of consumers are using their credit cards to pay for fuel, the Guardian reports.

Almost one third of those taking on debt to pay for petrol are repaying less than 25% of their balance at the end of every month.

Commenting on the findings, Neil Munroe, a spokesperson for Equifax, said: "What is worrying is that more than 10% of people are only paying off the minimum on their credit card each month. And a further 18% are paying off less than 25% of their balance. It means they are paying a lot more for their fuel than just the £1.36 or so per litre - and more for diesel."

One in five of those questioned said they thought it would take them over a year to repay their credit card debt in full.

A spokesperson at the IVA Advisory Centre said: "Credit card debt is often more expensive than other forms of debt, and research like this highlights just how important it is to repay this kind of debt as soon as possible."