Family Credit

‍Outlet: Forbes
Author: Catherine Brock

Key Takeaway

Higher fuel costs can leave less money for groceries, bills and debt payments. When your budget is already tight, understanding the full monthly shortfall can help you decide where adjustments or additional support are needed.

Michael McAuliffe Discusses the Strain on Families

Family Credit Management President and Founder Michael McAuliffe contributed to a Forbes article examining how higher gas prices affect households and small businesses.

McAuliffe described the concerns families bring to credit counseling and acknowledged that managing rising expenses rarely comes with an easy solution.

“Right now, we’re hearing from families who are really scared” -Michael McAuliffe, Family Credit Management, in Forbes

When Everyday Expenses Leave Less Room to Breathe

For someone who depends on a car to get to work, fuel is an essential expense. Paying more at the pump can mean having less available for another bill, an unexpected repair or a credit card payment.

The pressure can be difficult to recognize when each increase seems small. A few more dollars for gas, groceries and household supplies may collectively create a monthly shortfall.

Reviewing those expenses together gives you a more useful picture than looking at each purchase separately. Compare your recent spending with your take-home income and identify whether the gap is occasional or happening every month.

Look for Savings That Fit Your Situation

Start with changes you can realistically maintain. Combining errands, comparing nearby fuel prices and using discounts from memberships you already have may help reduce transportation spending.

Then review the rest of your budget. Focus on expenses you can change without compromising essentials. Family Credit Management’s free financial resources can help you get organized and explore practical ways to manage spending.

There may be limits to what you can cut. If you’ve already reduced optional purchases and still can’t cover basic expenses, that is useful information. Your next step may require a broader review of your finances.

Get Support Before the Shortfall Becomes More Debt

Using credit cards to bridge a recurring gap can make next month harder, particularly when interest charges are already accumulating.

If existing credit card payments are part of the problem, learning about your options can help. A Debt Management Program may offer eligible consumers reduced interest rates and a structured repayment plan for participating debts.

Family Credit Management’s nonprofit credit counselors can review your budget with you and help determine whether a repayment program is workable for your situation.

Read the Full Forbes Article

Read Catherine Brock’s reporting on the financial and personal effects of higher fuel costs:

The True Toll of Higher Gas Prices

Are rising expenses making your credit card payments harder to manage? Request a free quote from Family Credit Management to explore your options.