CNN/Money, who sometimes takes financial advice from famed economist Billy Joel, reports that the price of gas is being "blamed for past due credit-cards". We have high gas prices. We have past due credit cards. One must have caused the other.

There was a record number of delinquent credit-card accounts reported in the second quarter, according to data released Wednesday from the American Bankers Association...

The ABA also noted an increase in delinquent payments on personal loans, auto loans, home equity loans and lines of credit.

A key reason for the increase in delinquencies, the ABA said, was the strain of higher gas prices, noting that since December 2004, the average cost of filling up the gas tank of a mid-size car has risen just over $17, from $30.63 at the end of last year to $47.78. In June, the cost averaged $38.33.

"The last two quarters have not been pretty. Gas prices are taking huge chunks out of wallets, leaving some individuals with little left to meet their financial obligations," said ABA chief economist James Chessen in a statement.

So people are taking out home mortgage loans to pay for gas. That's bound to lead to financial ruin, and it'll naturally be all Bush's fault. I would have more respect for CNN/Money if they noted that the high price of oil was having overall inflationary measures. Everything we buy or use is brought to market using oil. Everything made of plastic is derived from some sort of petroleum. Oil prices inflate the price of everything, which would explain increasing credit card balances. But to say that the price of gas alone is to blame, is simplisme at best.

Of course, there's nothing wrong with stressing credit card smarts. But check out the advertiser links that CNN/Money offers on that very same page:

(click for full screenshot)