Rising gas prices force Americans to adjust spending, survey finds

(InvestigateTV) — A new LendingTree survey has found rising gas prices are already forcing many Americans to change how they spend and save.

“Any time something as fundamental as gas prices or grocery prices too—go up—it’s a big deal, and people have to make adjustments to make sure they’re in a position to handle it financially,” Matt Schulz, chief consumer finance analyst at LendingTree, said.

The survey found 31 percent said they have changed the way they spend or save because of rising fuel costs.

Among people with a gas-powered vehicle, 62 percent said if gas prices stay high for a month or longer, it would significantly impact their finances.

“The truth is that so many people’s budgets are pretty tight. And there’s just not a lot of financial wiggle room,” Schulz said.

If higher gas prices are straining your budget, Schulz said start by shopping around. Compare prices in your area to see whether a different station could save you money.

He also said some drivers may benefit from a credit card with gas rewards, but only if they can pay the balance in full.

“But as with anything with credit cards, it’s really important that you pay that balance off as soon as you possibly can. Cause gas station branded credit cards, in particular, like a lot of other retail credit cards—have really, really high interest rates,” Schulz said.

Schulz also recommended building higher fuel costs into your budget. He said revisiting your spending plan now may help you absorb the extra cost if prices stay elevated.