I heard on the radio the other day that the stock market hasn’t seen such gloomy times since The Great Depression. If that’s not enough to make small business owners shake in their boots, well, I don’t know what is. If there are any small business owners out there not just a little bit worried in today’s tough economic times, I think they’re residents of La La Land.

I heard about a free, yes FREE, resource out there that is specifically designed to help you. Developed by SCORE “Counselors to America’s Small Business,” and Corporate Turnaround, it’s a 16-page workbook, How to Pay Business Debts You Can’t Afford. This resource is to help small businesses survive when facing economic and financial challenges. The guide covers some of the most crucial parts of settling commercial debts, including:

• How to determine a monthly budget to pay past due debts
• How to create settlement offers with real-world information
• How to write settlement letters using fill-in-the-blank templates
• How to negotiate affordable settlements with the toughest creditors
• How to stretch out settlements over time

How to Pay Business Debts You Can’t Afford is free and available as a PDF download on SCORE’s home page at www.score.org.

SCORE CEO Kan Yancey says, “SCORE mentors can help small businesses with a variety of financial issues, including loans, cash flow, accounting, taxes and cost reduction.” Yancey adds, “This new workbook will help give small business owners the tools they need to satisfy their creditors.”

“The easy-to-understand strategies in this guide have helped settle more than 25,000 business debts,” says Jerry Silberman, CEO of Corporate Turnaround and co-author of Small Business Survival Book: 12 Surefire Ways for Your Business to Survive and Thrive. Silberman adds, “SCORE clients will learn how to explain their hardship directly to their creditors and gain the best possible settlements.”

If you find yourself needing help with your small business financial health, then a free resource is always a welcome one. That, along with a winning lottery ticket!

As if traveling for business isn’t hard enough for small business owners, now we have to deal with extra baggage fees. What next? A charge before the pilot will actually land the plane? If you’re unhappy with the new regulations, you’re not alone.

SmarterTravel.com^TM began polling users regarding baggage fees and flying when American Airlines announced their $15 charge for the first checked bag, and the results were surprising. According to the on-site survey, only three percent of respondents said they would continue to fly the airline, and only because they were elite-level AAdvantage members or were close to receiving an award ticket.

In addition to responses from travelers who were reluctant to fly American Airlines in the future, SmarterTravel's on-site poll also found that:

• Most plan to carry on their luggage (39 percent) or will cut back on what they packed to only pay for one checked bag (30 percent).
• Twenty four percent noted that new fees are just one more reason they won't be flying at all anytime soon.
• Three percent noted they would suck it up and pay for two bags.
• Two percent said they always travel light.

"We understand that airlines are looking for ways to recoup costs incurred by the high cost of fuel, but the charge for baggage shocked and concerned us and our readers," said Anne Banas, executive editor of SmarterTravel.com. "The survey helps to underscore that travelers are not happy with the state of air travel, and that their efforts to get around the fee will only end up causing the airline headaches in the end. We also wanted to show that not all passengers are penalized with the charge -- there are a lucky few who can get around it based on their ticket or status."

Exemptions for the first and second checked bag fee include:

Advance Ticket Purchases. Early birds who purchased tickets in advance of the ruling do not have to pay fees. American Airlines flyers who booked travel prior to June 14 don't have to pay for a first checked bag and those who booked before May 12 don't have to pay for a second checked bag. United passengers who made reservations before June 13 can check one bag free and those who booked February 3 or earlier can bring two bags free. On US Airways, you still have until July 9 to book to get one checked bag free.

Business and First Class Travelers. Already paying exorbitantly high seat prices, business and first class travelers don't have to pay for their bags to come too. This also goes for the lucky ones who booked business or first class award travel.

Active Military. Members of the military with proper ID and orders are exempt from the new baggage fees on all three airlines. American extends this exemption to all members of the military and anyone who purchased a military or government fare.

Mobility Impaired or Traveling with Kids. All three airlines exempt wheelchairs and other personal assistance devices. Ditto for car seats and strollers checked by passengers traveling with a child on American only. United lets you check strollers free, and on US Airways, car seats and strollers are free only if you fly across the Atlantic and pay the lap-infant fee.

Elite Frequent Fliers. Airline loyalty may not give you the types of rewards you reaped in the past, but at least nowadays it saves you from some of the punishment being wrought on economy flyers. If you're an elite level member of American's, United's, or US Airways' frequent flyer program, you're exempt from extra baggage fees on that airline. Each airline also exempts flyers with elite-level membership in its global alliance program

The last true “office job” I had was over eight years ago, and I still suffer from uncontrollable muscle spasms when I recall those hot summer afternoons in panty hose. And jackets with shoulder pads … talk about constricting. I don’t know that I could go back to that type of office gear if I had to. And granted, many offices these days don’t even come close to demanding the traditional wardrobe in order to report to work.

Still, during summer months especially, it’s easy to slack off a little, sneak into work with perhaps less-than-appropriate footwear or attire, and hope that no one says anything. Well, if you’re interested in promotions, and all the perks that come along with it, you might think again before you slide on the flip-flops and head to work in your cargo shorts.

A new CareerBuilder.com survey reports that 41 percent of employers state that people who dress better or more professionally tend to be promoted more often than others in their organization. And it’s not surprising that financial services is one of the industries that place the most emphasis on professional dress, as 55 percent of them state that people who dress more professionally tend to be promoted more often than others in the organization.

On the other hand, IT and manufacturing employers are two of the industries that place the least amount of emphasis on professional dress, as only 37 percent and 34 percent, respectively, said that employees who dress more professionally tend to be promoted more often than others.

"Even though we are seeing a trend of more relaxed dress codes in the office, especially in summer, it doesn't mean that professionalism should go out the window," said Rosemary Haefner, vice president of Human Resources for CareerBuilder.com. "How you dress can play an important role in how others perceive you at work, and dressing professionally can help you project a motivated and dedicated image."

Some workplaces have taken action into their own hands and are getting employees to dress more professionally by banning certain items of clothing and footwear. Nearly two-thirds (64 percent) of employers surveyed have banned flip flops, 49 percent have banned mini-skirts and 28 percent have banned jeans. In addition to banning certain items of clothing, some employers have gone as far as to send employees home for unsuitable work attire. More than one-third (35 percent) of employers have sent someone home to change clothes because they were dressed inappropriately.

So what if the boss is the one slacking when it comes to attire? Experts still recommend that employees take it upon themselves to dress the part of a professional, even if it’s a casual version. Paying attention to cleanliness, neatness and detail can go a long way in supporting a competent and professional image. So save the flip-flops for your weekends, and  as the old saying goes, “dress for success.”

Oh, how we all love to talk about taxes. There's nothing more exciting than going to a cocktail party and spending the entire evening laughing with friends about tax incentives and the economy. It's fascinating! Okay, I'm kidding.

So to help spur your excitement about the subject, small business owners now have a new resource online. Turns out, the Small Business Administration (SBA) has created an online tax savings resource center to help small businesses understand how they can benefit from the 2008 economic stimulus package signed into law by President Bush earlier this year.

The package includes the following tax incentives for businesses: a 50% bonus depreciation allowance on equipment purchased and placed in service in calendar 2008 and an almost 100% increase in the amount (from $128,000 to $250,000) that a business can expense for equipment purchased and placed in the business tax year beginning in 2008.

“The stimulus package is designed to spur the economy by putting money back into the pockets of American workers and encouraging small businesses to invest and expand,” said SBA Acting Administrator Jovita Carranza. “However, many small business owners are unaware of how it could boost their bottom line. In the roundtables I held with dozens of small business owners last week on tax policy, many were amazed to learn how much their companies could benefit from the temporary tax incentives in the package.”

SBA’s new tax savings resource center demonstrates the benefits entrepreneurs can gain from the 2008 economic stimulus package. The center, located on www.sba.gov/stimulus, contains three resources on the package:

1. Fact Sheet. The fact sheet provides a clear explanation of the small business tax benefits.
2. Depreciation Calculator. This useful tool provides an estimate of the first-year depreciation available under the provisions.
3. Online Seminar. This brief tutorial summarizes the tax benefits and concludes with the depreciation calculator.

These resources should help small businesses take advantage of the stimulus package. However, because there are exceptions and additional requirements, small businesses are encouraged to contact their tax advisor to determine exactly how the provisions and implementing tax code of the 2008 economic stimulus package apply to their business. Also, check out  http://www.irs.gov/newsroom/article/0,,id=179227,00.html for additional information regarding tax changes.

So get tax happy and impress you friends with all your knowledge. You're sure to be a hit a the next dinner party!

Most small businesses are open to better business practices that are environmentally-friendly. In fact, many small business owners prove to be quite innovative when it comes to making companies more green. If you fall into that category, you’ll want to know about a recently announced contest that could recognize your efforts.

To increase awareness of becoming "Greenified^TM" and all its benefits, Green Business Alliance and Farmers' Almanac^TM have teamed up for the "Best Greenified Business Idea Contest." The contest seeks the most unique, effective and innovative environmentally-friendly business practice that has been successfully implemented in a company. Businesses wishing to enter may submit an idea in 350 words or less to http://www.greenbusinessalliance.com/greenified-contest.aspx.

Awards are as follows:

• Grand prize - $500 gift card
• Second place - $250 gift card
• Third place - $100 gift card
• A donation will be made in the name of all winners to the Nature Conservancy.
• The winning Greenified idea will be featured on Green Business Alliance and Farmers' Almanac Websites.
• The grand prize will also include 500 promotional versions of the Farmers' Almanac customized with the winning company's marketing/green message.

Deadline for entries is July 15, 2008, and no purchase is necessary.

"By conducting a Best Greenified Business Idea Contest, Green Business Alliance and the Farmers' Almanac add another means to keep the concept of 'Greenified' at the forefront of our daily lives. We believe that there are a number of great ideas waiting for a stage and we hope this contest will stimulate environmental creativity," said Hilary Kusel, Executive Director of Green Business Alliance.

"Farmers' Almanac has been the authority on green and sustainable living long before those words became trendy," states Sandi Duncan, Philom., Managing Editor of Farmers' Almanac. "Today more than ever, we need to share ideas and find the best green business practices so we can all learn and be inspired to work in businesses that are more resourceful and green. We are excited to be working with Green Business Alliance on this contest and believe it will uncover some very creative green ideas."

To learn more about Green Business Alliance and this contest, go to http://www.greenbusinessalliance.com.

Religion can be quite the touchy subject. There’s a reason why your mother told you to never discuss it at parties … along with politics. There are entire countries at war over their religious differences, so you can imagine that it could be a little difficult in the workplace.

According to a recent study by the Institute for Corporate Productivity (i4cp), nearly a third of employers surveyed said they have seen personal clashes in the workplace linked to religion. Despite the frequency, it’s clear that many of those organizations are still unsure of how to handle religious differences in the work environment.

While 61% of companies said they have made an accommodation for an employee based on the worker’s religious beliefs, just 12% of respondents actually have a written definition of what is considered to be a “religious belief.” And, even though a third of respondents reported that their organization has experienced personal friction over religious beliefs, almost two-thirds of those companies said they do not have a written policy specifically addressing religious bias.

Perhaps because of this lack of clarity, most companies opt to handle disputes quietly and internally. Over half (56%) of the employers surveyed reported that they use in-house mediation to resolve religious disputes. For some, those disputes might be avoided if leaders were better trained on how to handle them. Of the companies surveyed, a mere 29% train managers on how to avoid religious bias in their decision-making.

“Businesses must find ways to handle religious conflicts while allowing room for employees’ spiritual needs,” said Anne Lindberg, research analyst with i4cp. “Effectively handling religious differences not only requires specific attention, but also creativity, empathy and fairness."

When asked about practices used to attend to religious diversity, 68% of companies reported they “make reasonable accommodations for beliefs and practices,” implying that the remaining 32% don’t. “This is interesting because, by law, all companies are supposed to offer reasonable accommodations,” Lindberg adds. Other findings from the survey:

• Fifty-five percent of companies provide flexible scheduling to allow people to attend religious services, yet only 33% offer paid time off for religious holidays.
• 31% said that unsolicited sharing of religious views has been a problem in the workplace.
• 13% said that, because of their religious beliefs, employees have refused to do certain work or associate with certain co-workers.

Small business owners are faced with many challenges when it comes to taking care of employees and making sure they’re happy. Exploring religious differences, and honoring them, can help unify your staff and make them feel respected.

As the official first day of summer approaches this week, you might be thinking about all those summer time projects … like cleaning out your garage, or sprucing up your landscaping. Well, as you create your to-do list for summer, don’t forget to include a list for your business. Summer time can serve as a great time to clean-up your financial situation and get organized.

There’s a new resource that might be a great help when it comes to your business and finances. SCORE “Counselors to America’s Small Business” announced a special home page feature for June with business financing articles, workshops and resources at the SCORE Web site, www.score.org. This special content on the home page offers valuable information and tools to help small business owners manage cash flow and funds critical to their business success.

Visitors to the site will find the following free resources:

• Creating a Cash Reserve. Find practical ideas and tactics to create a cash reserve in your business. Learn how to plan ahead for cash squeezes by focusing on the financial things you can do to save or generate money.
• Guide to Managing Cash Flow. Improve your understanding of how to manage your company’s cash flow, measure the amount of cash on hand, and prepare for cash flow shortfalls in the future.
• 5 Tips on Getting a Loan and 5 Tips on Approaching Your Bank. Learn how to use a business plan to get the bank loans you need. Get tips on how to evaluate your business, plus what lenders look for when making a decision to loan you money.
• Five Grant Resources for Small Businesses. Find out if there are any federal, state or local grants that may be appropriate for your type of business.
• How to Pay Business Debts You Can’t Afford. This 16-page workbook from SCORE and Corporate Turnaround helps small businesses survive when facing economic and financial challenges.

Also, if you need more information about starting or operating a small business, you can get help by calling 1-800/634-0245 for the SCORE chapter nearest you.

Ever feel like you’re just throwing money out the window when it comes to small business costs? Or do you feel like the current economy and rising price tags make it impossible to show a profit? You’re not alone.

New research released from the National Federation of Independent Business (NFIB), sponsored by Wells Fargo , shows the top concerns among small business owners are business costs, particularly those that are difficult to control such as health insurance costs, energy costs and inflation.

The survey results are from the seventh edition of Small-Business Problems and Priorities survey, based on 3,530 small business owner responses to a mail survey circulated in the first three months of this year. The study is conducted every four years. Respondents rated each of 75 possible business problems on a scale of 1 to 7, with 1 indicating a "critical problem" and 7 indicating "not a problem."

Problems are ranked according to the average rating received. The 75 business problems evaluated are organized into 10 problem clusters with each cluster containing all of the problems relating to a single topic. Half of the top 10 problems worrying small business owners appear in the "costs" cluster, with the cost of health insurance continuing its 20-year reign as the number one problem for small business owners. More than 56 percent say it is a "critical problem." Other cost issues in the top 10 include the cost of fuels and electricity, supplies, inventories and worker's compensation insurance.

"For four years, the economy provided a good, stable foundation for small business owners to do business, but as it started to take a negative turn over the last several months, they felt the effects of rising costs of doing business as reflected by these results," said Bruce D. Phillips, Senior Fellow at the NFIB Research Foundation and co-author of the report with NFIB Policy Analyst Holly Wade. "As the economic outcome remains uncertain, small business owners are searching for innovative ways to reduce expenses and increase sales."

The remaining top 10 problems fall into the "tax" cluster, including: federal taxes on business income, property tax (real, inventory or personal property), tax complexity and state taxes on business income. Tax complexity, a new problem on this year's survey, ranks fifth on the survey and is a "critical problem" for 23 percent of business owners.

"As the economic downturn persists, small business owners are even more challenged by the costs of health insurance and the complexity of taxes," said Rebecca Macieira-Kaufmann, executive vice president and head of Wells Fargo's small business segment. For more information about the latest Small-Business Problems and Priorities, contact NFIB media department at 202-554-9000.

Anytime you have to hit the road for business, it’s easy to see all those healthy habits you try so hard to maintain go right out the window. But it seems like more and more business professionals are finding ways to stay healthy when traveling. At least that’s what a recent survey by Expedia^(R) Corporate Travel (ECT) found. In the first part of this series we looked at how U.S.-based business travelers responded when it comes to managing work-life balance. Below you'll see some additional findings when it comes to travelers keeping healthy habits.

Travelers are not letting work trips disrupt their routines, such as having downtime, eating healthy foods and going to the gym. Fifty-five percent of respondents say they take time to relax in their off hours, like using the facilities of health-conscious hotels, such as in-room workouts, healthy offerings in the mini-bar and on-site gyms to stay fit while on the road or the 52 percent who plan a relaxing or fun activity during their trip.

"I have made it a point (when traveling for work) to spend a little time finding something local to see or do," says Dave Hatton, a marketing manager with Select Comfort, makers of the Sleep Number bed. "I have seen Navy Pier in Chicago, been on an airboat ride in Louisiana, been to the top of the arch in St. Louis and eaten BBQ in Memphis. These trips, along with many others, have given me a greater appreciation for our country and for my job which allows me to see and do such amazing things."

Travelers are also using resources to pay bills and take care of other responsibilities while on a business trip. Forty-eight percent of respondents say that they use downtime such as the period waiting for a delayed flight to take care of personal activities like making personal phone calls. Others say they use this time to enjoy spa treatments or work out while waiting in the airport.

If you book your own trips, you also might want to know that ECT enables travelers to search specially negotiated Expedia Corporate Rates for over 2,300 hotel properties around the world based on location and amenities, such as workout facilities. Developed with the corporate traveler in mind, these rates offer not only specially negotiated rates as high as 25 percent, but often include corporate friendly amenities such as free high-speed or Wi-Fi access, breakfast and gym access.

Some featured hotels are going as far as partnering with software companies to bring technology to the traveler, which can include web cams, printers and computer stations. Overall, the results of the survey show that business travelers are finding ways to stay connected to their friends and family.

Most road warriors believe they are able to manage work-life balance and take advantage of time away from work obligations to either relax and enjoy themselves or take care of personal matters like paying bills.

How are you at maintaining a balance between your work and your life? It’s a good question, and I suppose that’s why there’s a new survey out that shows interesting results on the subject. Expedia^(R) Corporate Travel surveyed more than 1,100 U.S.-based business travelers conducted to better understand how they maintain and manage work-life balance while traveling for business. Overall, the results illustrate that travelers are getting creative to make business travel more convenient to their everyday lives.

The findings demonstrate that 66 percent of those surveyed do not have trouble balancing work responsibilities with personal obligations. As a way to maintain their regular routines, travelers say they are using technology and other strategies to stay in touch with loved ones and bringing the comforts of home out on the road.

One way business travelers maintain their relationships is by instituting regular practices to keep in contact with friends and family while on the road. According to the survey, 86 percent of respondents stay connected with friends and family via email and phone while they are traveling for work. Sixty-seven percent establish a nightly ritual of calling their family every evening before they go to bed and 19 percent of travelers snap interesting pictures to share with their kids when they get home.

"One myth about business travel is that travelers have to put their lives on hold and cannot stay in touch with friends and family when away from home, but the results of this survey show that's not consistently true," said Rob Greyber, senior vice president of North America for Expedia Corporate Travel. "The findings show that travelers are getting creative when it comes to maintaining their relationships while traveling, like the seven percent that use a web cam to connect online with their family. With advances in technology, it is getting easier for road warriors to keep in touch with their friends and family."

Business travelers are also leveraging company travel to enjoy personal time. Surprisingly, survey responses indicate that more than 68 percent of business travelers are actually spending more time on the road. Additionally, 59 percent have someone join them for all or part of business trips so they can spend free time together and, in some cases, travelers even bring their pets on work trips.

In the next part of this series, I’ll share with you more survey results, including how business travelers are finding ways to stay healthy on the road.

How diverse is your workforce? Have you given it any thought? Diversity in the workplace is important on many levels. Having a diverse staff, and encouraging your employees to embrace differences, can help build a stronger team, and can help your company thrive in an increasingly diverse business world.

As true as this may be, a recent study by the Institute for Corporate Productivity (i4cp) found that 53% of companies do not sponsor diversity training in their organizations, 66% do not have specific diversity councils to serve as a watchdog on issues including race, gender, and sexual orientation and 77% do not have affinity groups in place to support minorities.

The study also found that 68% lack a high-level executive who oversees diversity initiatives. And 65% of respondents admit their organizations do not have a global diversity strategy.

“Many employers seem to think of diversity and inclusion as simply an EEOC compliance issue,” said Eric Davis, i4cp’s Associate Editor. “Employers need to view diversity and inclusion as an important strategy for developing talent. Organizations embracing that concept are more likely to have top-down diversity policies, which include accountability.”

According to the survey, when diversity programs are in place, accountability for diversity strategies tends to start at the top. When asked how leaders are held accountable for driving diversity in their organizations, 31% of respondents said CEOs are subject to annual diversity reviews. Twenty-three percent of those surveyed said their CEO’s compensation is tied to how well the chief executive carried out the organization’s diversity strategy. However, nearly 20% of respondents say their top leadership is not held accountable for ensuring diversity.

Of those companies that have “diversity teams” in place, 39% say the teams devise diversity strategies for the company, and 33% percent of teams offer companywide diversity training and education.

If you, as a small business owner, don’t feel like you’re in the loop when it comes to handling issues of diversity in the workplace, there are plenty of resources available to you. Embracing diversity and understanding such issues in the office will help propel your company to a successful future.

In the first part of this series, we discussed the world of rewards programs and whether they are truly worth it. In the July issue of Consumer Reports, you’ll be able to find out more about this topic. It’s an important one, as business owners, business travelers and entrepreneurs are bombarded with offers, trying to get more business and the dollars that come along with it.

For consumers looking to reap the most rewards and avoid the traps, Consumer Reports offers the following advice:

Consider where you shop. Save your key ring or wallet space for cards that will earn rewards at stores you use most often.

Project your spending. Translate the amount you're likely to spend into cash back or points, depending on the program. If it's points, find out how many you need to get something you might want. If you're using a credit card, subtract the annual fee, if any. If that calculation shows you'd have to spend a fortune to earn a pittance in rewards, you might want to use another card.

Favor cash back. You might never redeem your points, so at least you will get something. Plus cash-back cards tend to be more generous in their rewards, CR's research has found.

Skip credit if you carry a balance. Rewards credit cards often charge relatively high interest rates, which will eat up your reward (and then some) if you carry a revolving balance. The issuer can also hold points hostage or stop adding to them if your payment is late.

Do the math on do-good programs. Cards that give your reward to a charity usually pay only about 25 to 50 cents for every $100 you spend. And you can't write off the donation on your taxes. Both you and the charity might do better if you use a more generous rewards card, keep the money, and just write the charity a check.

Use airline miles fast. Cashing in frequent-flyer rewards has become more difficult because airlines have cut flights and now have fewer seats available. So rack them up and use them up as quickly as possible. Airlines also change their rules frequently, and several big carriers have recently gone bankrupt.

Avoid temptation. Research has shown that people who use rewards cards charge more. It's easy to overspend just to earn a new digital camera or set of golf clubs. Beware.

For more information or to see a complete breakdown of some of the more generous credit card rewards programs, consult the July issue of Consumer Reports. The report is also available to subscribers at http://www.ConsumerReports.org.

When I go into the grocery store for my typical weekly purchases, I always have to pull out my keychain as soon as I get in the checkout line. Why? Because it takes me awhile to sift through all my rewards cards in order to find the right one for the cashier. With my gas station perks, my sporting goods bonus cards and everything in between, you’d think I’d be riding high in free gifts and earned products. Not.

So it makes me wonder, does anyone really get that much benefit for signing on with all the perks that business travelers and entrepreneurs are offered? Over a couple of installments, we’ll explore the world of rewards programs and how to make smart choices when participating in them.

In tight economic times, savvy consumers may look to rewards programs for relief when buying essentials, but Consumer Reports' July issue finds reaping real savings can be tough, and even the more generous programs have limits on how much consumers can earn. To keep shoppers coming back and spending more, supermarkets, drugstores, warehouse clubs, gas stations, bookstore chains, and many other retailers are pushing points programs.

About 85 percent of U.S. households participate in at least one rewards program. A recent poll of Consumer Reports Money Adviser subscribers found that 41 percent of the newsletter's subscribers carried three to five such cards, 9 percent had six to nine of them, and 3 percent somehow found room on their key rings or in their wallet for 10 or more. Consumer Reports finds that along with the dizzying number of programs have come increasingly complex rules, restrictions, and limits on how much consumers can earn--making many of the programs not worth the bother.

"Carrying the right cards and ignoring the rest can save you a little money on your purchases, but consumers must choose programs that compliment their spending habits," said Amanda Walker, senior project editor at Consumer Reports.

Some rewards cards do double duty as credit cards. Cash-back, gas, and grocery rewards credit cards can offer some relief for costly essential items, but often carry higher Annual Percentage Rates than traditional credit cards. Looking at some of the more generous credit card rewards programs, CR found that rates varied from 9.74 % to as much as 19.99 %. "If the rates are high, the cost to carry a balance will often erase any savings the rewards program may offer," Walker said.

So if you find yourself feeling overwhelmed by the options you have out there when it comes to rewards programs, in Part 2 you’ll find helpful advice for picking the right ones.