It's estimated that the average American has about a three percent "cushion" in their budget for things to go wrong. That sure doesn't leave much wiggle room for real emergencies like a busted transmission or extended time off from work.

But who knew that skyrocketing gas prices would be the cause of such pain to the American consumer? Sure gas prices in other countries are higher (and have always been) then we're used to paying - which is no consolation to us right now; but now more than ever lack of financial planning and saving is hitting hard.

Feeling the pinch at the pump is causing many to dramatically change their buying habits, and spending habits as well. More and more consumers are pulling out the plastic at the pump in an effort to cover the costs.

Unfortunately what's really happening is a prolonging of the pain as the average credit card interest rate is 17 percent and most consumers are already carrying a balance for non-consumable items.