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Credit card debt is the most common type of debt in the United States and there are more than 500 million open accounts, according to the Federal Reserve Bank of New York<\/b><\/a><\/p>\n An Experian Consumer Credit review from 2019<\/b><\/a> <\/a>found people in Michigan carried an average of $5,399 in credit card debt.<\/p>\n If you already have a credit card, or are just thinking about getting one, there are some key things you want to be aware of.<\/p>\n You need to understand what a credit card is and how it works, know how to use it to build credit and familiarize yourself with key terms.<\/p>\n When you sign up for a credit card, the bank provides you with a credit limit and when you swipe it you\u2019re basically taking out a short-term loan.<\/p>\n Credit cards can help you build up your credit score when you use it regularly, make payments on time and keep the balance low. Even just having an open account can help because the length of your credit history impacts your credit score.<\/p>\n You should be able to answer the following questions about your credit card:<\/p>\nWhat you need to know about credit cards<\/h3>\n
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