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Many Americans trimming savings budgets due to gas expenses

Posted On Mon, June 4, 2012

Bankrate recently released the results of a survey which found many Americans have been forced to slow overall spending due to rising gas prices.

Nearly 60 percent noted that some spending has been cut back because of the price of fuel, the survey noted.

"Despite the fact that oil prices are currently near six-month lows, consumers are still clearly feeling the impact of elevated gas prices in an environment of stagnant wages," said Greg McBride, senior financial analyst for Bankrate.

In addition, consumers generally felt more comfortable with their finances, as personal finances have been rising during four of the last five months. Americans are also feeling more comfortable with debt during that time, as the reading was positive in three of the past five months. However, half of Americans noted that their net worth is unchanged year-over-year.

Consumers who still need ways to save money on their vehicle may benefit from re-examining their auto insurance policy. If they compare it to other options available on the market, they may find multiple auto insurance quotes that work with their situation.

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