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Travelers, Residents Rack Up Debt With NYC Cab Service

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New Yorkers use credit cards to rack up debt on taxi rides. Despite a renewed desire on behalf of many consumers to cut their debt in recent months, New York City residents and visitors used their credit cards more frequently with the city's yellow-cab service in 2010.

According to recent research from the city's Taxi and Limousine Commission, consumers used credit cards to pay for 36 percent of each day's fares. This figure rose nearly 10 percentage points from 2009, when consumers only used plastic options 25.6 percent of the time.

In addition, the average swipe cost consumers an average of $11.71, up almost a dollar from 2009's totals, The New York Post reports. Despite this, the average trip lasted for fewer minutes, while the distance or rides remained largely unchanged.

"People are benefiting from the credit-card option, [and] drivers are benefiting from consistently high tips on credit-card rides," TLC Commissioner David Yassky told the source.

However, consumers who plan to travel to the city for business or leisure can reduce their expenditures by using an alternative means of transportation such as the subway, or by visiting an ATM before riding in one of the city's taxis.

Timely articles written by the Editors at DRC

New government regulations in place for consumers in need of debt relief for credit cards and other unsecured debts.