APR, Monthly Payment, Fees? Don't get taken by surprise. Learn the details of how unsecured personal loans work.
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.
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.
For many of us, debt is a necessary financial tool that we will likely utilize in our adult lives. We often rely on various forms of debt to pay for our education, purchase a family home or car, and even cover unexpected expenses such as medical bills or home repairs. In fact, among American households with debt, the average family currently has more than $155,622 in outstanding balances.
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