New consumer research from Equifax has found that two-thirds of people regularly pay for their car fuel by credit card, but one in three pays less than a quarter of their credit card balance off a month.
The research found that the high cost of petrol was one of the key reasons that many drivers put the bill on their credit card. Equifax has warned that the practice could have serious consequences for family finances, especially in the light of the fact that one in ten only pay the minimum balance off their credit card each month.
Neil Munroe, External Affairs Director at Equifax, commented, "What this means is they're paying a lot more for their fuel than just the £1.36 or so per litre - and more for diesel. Indeed, with one in five saying they believe it will take them more than a year to pay off their credit card debt in full, the interest accrued will be quite considerable."
The survey also found that 91 per cent of those surveyed have a credit card, whilst 30 per cent have two and 20 per cent have three. Over 60 per cent said they regularly pay for everyday expenses by credit card.
