Driven to Debt

We all know that it is expensive to drive these days, from learning how and investing in a little run around, to insuring our vehicles and feeding them fuel! But in the face of economic struggle many drivers are turning to desperate measures in order to keep themselves on the road.

According to an AA/Populus survey, the cost of fuel has risen so much, that motorists have turned to pawning their valuables just so they can pay the current prices of fuel. Many drivers have kept going until they have run out of fuel or gotten into serious debt such as over drafts and using up savings so they can continue driving.

petrol pump

Rising fuel prices mean the cost of driving is soaring

Of the 23,824 AA members surveyed, 1% had pawned a possession in the past 18 months, with this figure rising to 4% for 18 to 24-year-olds.

It is shocking that Britain stands for these fuel prices and young people are affected by these increases especially, as many are on a starting wage that is quite low.

Also, 1% of those surveyed have taken out a short-term, high-interest payday loan, while 1% have gone to their bank for a loan, which is a solution for the short term problem, but in effect causes more debt for the future!

“Fuel price desperation has created a new and sinister twist to the phrase ‘driven into debt’. Our survey has exposed the heavy impact of fuel price surges and which groups of drivers are particularly vulnerable.” AA president Edmund King stated earlier when asked to comment on the results of the survey.

Surprisingly, it isn’t much cheaper to use public transport services as many of the costs for the use of trains and buses have increased greatly over the last few years. The only real advice to be given here is to look into the mileage and cost of fuel for the type of car you want to use and budget accordingly so that you can afford to keep your car on the road, without having to pawn your most prized possessions or take out a high interest loan that could cause you more problems that the cost of fuel!