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Walking around with at least some level of credit card debt has become relatively normal in today’s society. The average American has thousands of dollars in revolving debt to their name, much of which is accompanied by a two-digit interest rate… and those numbers seem to grow higher each year.

There are many different reasons you might want to save money. For instance, you could be storing those dollars for a specific purchase in the future or simply setting aside funds for the proverbial “rainy day.”

Between travel, meals, experiences, and gifts for loved ones, it’s no surprise that consumer spending often peaks around the holiday season. In recent years, though, this spending has increased to now-record levels, leaving many families facing high balances come January.

According to a recent study from Experian, the average credit card account has a balance of $5,221. Based on data from the Federal Reserve, though, the average credit card also has an interest rate well into the double digits, which can cost cardholders thousands of extra dollars over the course of their debt repayment.

The start of a new year is always an exciting time. After the holiday season has wound down, the presents have been put away, and the last of the extended family has gone home, many of us are left reflecting on what the past year brought and what we hope to get out of the year to come.

Whether you always travel over the holidays, could really use a big summer trip, or just want to get away for a few days, planning a vacation can be an exciting motivator. However, traveling can also be pricey, with the average week-long trip in the U.S. costing $1,758 per person, according to recent data. This means that for a family of four, you could easily be looking at over $7,000!

There are many reasons for taking out a personal loan, whether you’re looking to consolidate credit card balances, refinance student loans, or make a large purchase. Personal loans are installment loans, meaning that you’ll receive your money in one lump sum, which you’ll then repay monthly over a specific period of time.

According to the Federal Reserve, there is more than $1.74 trillion in outstanding student loan debt in our country, which falls on the shoulders of about 15% of Americans. That’s a lot of debt to carry around, which can take graduates years (or decades) to pay off!