It seems the trend of using credit to pay for gas is really on the rise. This sounds like a good idea if you own Visa stock as long as these kids don't get in over their heads and can't pay it off. Imagine beings $1000s in debt and not even out of high school. That would be a tragedy.
In the most recent survey, about 69% of teens said they use credit cards for gas, up from 52% a year earlier and 46% in 2006. Gasoline now tops the list of things teens are charging, above "clothes," which had led the list in previous years.
Joleen Martis is one teen whose style has been crimped by surging fuel costs. She budgets $80 per week for gas to fill up her Honda(HMC - Cramer's Take - Stockpickr) Pilot SUV.
"It wasn't always that way -- I used to try to shop here and there but since gas prices are high, I don't really shop as much," she says. The 17-year-old Rahway, N.J., native has a part-time job at Best Buy and spends most of her cash on fuel and food, but keeps a side-stash in case of an emergency or necessary shopping spree.
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