The very tool that got you into credit card debt could also be your way out, but only in certain cases. Boonchai Wedmakawand/Getty Images

Credit card debt has reached staggering heights nationwide, with cardholders now carrying over $1.23 trillion in outstanding balances . And, credit card rates have been sitting close to record highs over the past year, which means that the cost of carrying that debt has only gotten steeper. With the average credit card APR now hovering over 20%, many card users' balances are growing rapidly despite making regular monthly payments.

What may be surprising, though, is that the very tool that got you into debt could also be your way out. Credit cards, when used strategically, may help borrowers reduce their debt burden and save significantly

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