Credit cards to help lower debts

One major source of problems for many Americans, including Mississippians, is debt. Society attempts to prepare young adults for the realities presented by financial challenges, like the stresses it can cause on personal and professional aspects of an individual's life. Typically, relying on credit cards is never recommended in attempting to manage finances. However, one bank is proposing an unusual way to combat credit card debt and other expenses.

Wells Fargo, the fourth largest bank in the United States, is offering credit cards that offer rebates which going directly to paying off a customer's debt. For example, it has introduced several credit cards, one of which is the Home Rebate Card, that automatically offers a one percent rebate that is used to pay off a Wells Fargo home loan.

Although it may seem counterintuitive to use a credit card to pay down consumer debt, this tactic is not totally unheard of. Other banks and credit card companies have also offered their customers similar rewards to help pay off their different expenses and debt.

Combating credit card debt by using your credit card may not be a tool that is useful to everyone. Some Mississippians may require additional, supervised debt relief. These other tools can include informal debt management counseling, as well as filing for bankruptcy.

These legal tools may be more helpful because they can shed light on the legal repercussions of debt. And in situations where debt has become unmanageable, legal tools like bankruptcy can actually discharge debts and allow for a fresh start instead of the burden of payment plans.

Source: Chicago Tribune, "Wells Fargo to offer credit card that helps cut debt," Aug. 5, 2013

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