Be sure to keep an eye out for the warning signs that your credit card balance has crossed into dangerous territory. Peter Blottman Photography/Getty Images

Credit cards tend to get a bad rep, but these short-term borrowing options can actually be useful financial tools, helping you cover expenses, earn rewards and build a strong credit profile . The key, though, is to use credit cards with a clear payoff plan in mind, as they also come with one of the highest borrowing costs in the consumer credit market.

For example, the average credit card rate is currently closing in on 22% , just under a record high. As a result, many cardholders who have been carrying credit card debt from one month to the next have seen their balances creep up over the past year, making it harder to

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