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Wallet Sucker

A new survey has found that consumers are more likely to cut discretionary spending when gas prices rise. About 70% of car owners said they will cut back on entertainment spending if gas prices were to increase a dollar, 66% said they will change their vacation plans, and 64% said they will postpone a major purchase. The Discover Card survey also found that nearly 60% of consumers are paying more than $100 a month for gas. Discover noted that 52% of those polled said they were somewhat or very likely to cut back on grocery spending if gas prices rose a $1. The “Discover Spending Confidence Monitor” also says that consumers are likely to cut back discretionary spending, but rising gas prices may force some to go a step further by cutting into living expenses as well.

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