Rising Gas Prices Could Keep Many In Debt

In 2010, consumers directed much of their monthly budgets towards cutting down existing debt, reducing their spending and avoiding credit card use.

However, many economists expect oil prices to rise as high as $5 a gallon this year, leading some to believe this could reverse last year's trend.

The national average for a gallon of gasoline rose to $3.12 this week, up nearly 25 cents from prices at the end of November, The New York Times reports. While this may seem like part of the normal fluctuation in prices consumers have seen recently, some experts predict prices will rise due to the lack of a comprehensive energy plan from the government.

"They're going to say we need an energy plan that focuses on fully developing U.S. energy," Tyson Slocum, director of Public Citizen's Energy Program, told the news source. "That means opening up more areas to offshore drilling and ensuring that we preserve the existing array of tax breaks and subsidies."

If prices rise as expected, many consumers will likely have to use their credit cards more and incur more debt in order to make this necessary purchase.