CREDIT CARDS

Drivers in debt forced off the roads after petrol price surge

Motorists can no longer afford to sit behind the wheel as 1 in 5 has confessed that petrol prices have driven them off the roads.

The latest research from Hastings Direct, the insurance firm, found that the tough economic climate is having a direct impact on motorists. In 2001, prices were just 77p per litre. Since then, however, they have nearly doubled.

The research found that, as a result of the rise, one in five drivers will give up their car completely if petrol was to hit £2 per litre. More than one in ten would consider buying a hybrid or electric car if petrol prices hit a £2 barrier.

The study revealed that 78% of motorists claim that rising costs have affected how they drive. Over the last 12 months, petrol prices have risen and 74% of drivers have generally cut down on using their car. Nearly half of those questioned have cut back at least 25 miles a week. 

Tobias van der Meer, Managing Director of Hastings Direct, commented on the study; “Taking the right actions - reducing mileage and driving safely - can help motorists cut the cost of their insurance and their fuel bills, but ultimately motorists cannot and will not keep be able to keep on paying higher and higher petrol prices."

Whilst drivers might not enjoy the rising cost of petrol, they could enjoy a range of reward based credit cards. The AA offers a credit card based on a system of points, this includes amassing double points when using the credit card to purchase petrol.

There is a wide range of reward-based credit cards available on the market.  They often work on a points based system or a cash back plan.

It would be advisable to check the details before taking out a credit card,  yet the majority of reward based credit cards allow you to earn more points/cash, the more you spend.

Tags: compare credit cards, petrol prices, reward-based credit cards, rising living costs