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Credit card rewards may leave consumers needing debt relief

| Oct 10, 2018 | Debt Relief |

No Louisiana resident wants to find him or herself overwhelmed by serious debt. Unfortunately, this type of situation can quickly overtake a person’s finances. In some instances, individuals may not realize that they have been duped into a less-financially sound decision when it comes to credit card use. As a result, debt relief options may be needed.

One of the biggest draws credit card companies are utilizing involves offering rewards to consumers. However, many of these rewards may not be as beneficial as the companies want individuals to believe. For example, American Express allows consumers to earn airline miles when they use their cards, and they also allow consumers to use points that they have not yet earned. Individuals can purchase an airline ticket essentially using borrowed points, and then they must earn the necessary points within the next six months.

While this may seem useful when a person needs to take a trip before earning the needed miles, it can prove detrimental if he or she cannot earn the points within the designated time period. As a result, the consumer could be left on the hook for the airline ticket and possible interest. This may not seem like a problem for some, but for others, credit card rewards may only contribute to substantial debt. 

Whatever the cause of individuals’ financial struggles, no one has to accept that they will be stuck with debt forever. Various debt relief options could help interested consumers in Louisiana find the best possible route for addressing outstanding balances. Bankruptcy may be one avenue in particular that could prove useful and worth consideration.

Facing Overwhelming Debt?