When the economy takes a turn downward, many people have to make changes to both what they purchase and how they purchase it. Many Americans have begun to make a budget in order to better manage finances. But for necessary expenses, some turn more heavily to credit cards.

Credit cards can be a tool to finance everyday purchases until the economy turns around. But relying on credit cards can lead to credit card debt. In many cases, increasing credit card debt can be taken care of by the consumer by cutting back spending and paying it off. For some, the balance can get out of control and the consumer has few options to pay off the balance. One option for those facing substantial credit card debt is bankruptcy.

Wells Fargo is trying to grow a small credit card market. In 2007, Wells Fargo released a new type of credit card. This credit card is known as the Home Rebate Card. It automatically puts a one percent rebate towards a Wells Fargo home loan.

Wells Fargo is now considering a similar card for those with student loans and car loans.

Less than one third of Wells Fargo customers have a Wells Fargo credit card. It is only eighth among all US credit card issuers. Wells Fargo is not the first credit card company to offer its customers ways to pay down their balance with rewards. American Express and Discover have allowed their customer to pay down balances with reward points for a long time.

The bank reports that customer of their Home Rebate Card have paid down over $50 million of their mortgage balances since the cards launch.

Source: Reuters.com, "Wells Fargo to offer credit cards that help cut consumer debt," Aug. 5, 2013, Peter Rudegeair