Are you afraid that using a rewards credit card will result in you going into debt? Here's how to earn rewards the right way.

Opening a new credit card account could make sense if you're hoping to take advantage of new credit card offers or your old rewards card simply doesn't cut it anymore. There are a few things to keep in mind when opening new credit cards and closing down old accounts. For instance, consider:

Some rewards credit cards give you a limited time to redeem points. If you don't use them within a certain period, you lose them. Rewards cards issuers may wipe out your rewards if you cancel your account, rather than providing you some value for them in the form of a refund.

Don't rush to cash out your credit card rewards for a statement credit or cash payment. See another redemption option that may yield more value.

To maximize rewards, know the minimum redemption thresholds and fees. Stay informed about your issuer’s updates, understand point values, and utilize accelerated reward categories to enhance your benefits effectively.

More Americans are falling behind on their credit card bills, and U.S. consumers now owe a record $1.14 trillion in credit card debt, but there are strategies you can use to get out of a hole. The average credit card balance has swelled to $6,