Wednesday, September 28

An IOU for Gas

This story doesn't make sense:

Gas Prices Blamed for Late Credit Payments

Why would someone not pay their credit card bill just because the price of gas goes up? I can understand that when it comes time to pay your bills, if you spent a little more on gas that month, you might have less to put towards your credit card bill. But by not paying it, you incur a penalty, and your rate could climb as a result. That's like paying another 15 to 20% more for your gas (most notably if you pay for your gas with credit).

Let me see, an increase of 20% on gas selling for $3.00/gallon is $3.60/gallon. If you normally spend $45 to fill a 15 gallon tank, you're paying the equivalent of $54! Does that make sense? The only thing that will do is make it even more difficult to pay your credit card bill next month.

I cringe at the thought of paying finance charges to greedy, profit-fat banks. I'll take money from my savings if I have to just to pay off my credit card each month.

No comments: