I had already gotten my exposure to LifeMiles down to less than 10k miles a few months back on anticipation of there being problems ahead for this sector and the likelihood of US airline program balances being relatively safer than various non-US airline programs where I had (or sort of still have) substantial balances.
My biggest exposure to airline program balances are in the US, but the main US programs are relatively better positioned to make it out of this period than a lot of smaller carriers’ programs outside of the US.