Buy now. Pay later. Get approved instantly with no interest for 12 months. How many times a day are we flooded with these kinds of messages from people who are betting on us to overspend so we become slaves to their interests? One of their favorite strategies is to team up in order to make the temptations even more enticing. Airlines are partnering with banks to offer out of this world travel rewards. Hotels are doing the same. Rental car companies have their own preferred partners. Are these deals worth it or are they a trap? It depends.
Exotic vacations are really popular this time of the year in the Midwest. We will probably break the record for the coldest temps ever this week. That's why travel rewards are so enticing. Everyone is looking for an escape. I believe these rewards can be a great solution when used properly. I figured out a way to get some free hotel rooms, a discounted rental car and enough credit card reward money to pay for a trip to Maui in a couple of months. I'm doing this by keeping a promise to my wife that all of these rewards will stop should we end up paying interest on our credit card. This means we must never make a charge unless the money is already in our checking account. This keeps us out of the debt trap. I recommend you get out of debt before giving this idea a try. The rewards are great if you can avoid interest charges. Have a great day.
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