Personal loans can be used for a variety of big or unexpected expenses, often at a lower cost than alternative consumer options, like credit cards. Whether you need a personal loan to fix your car, cover sudden medical bills, or pay for a home renovation project, a personal loan product can give you access to the funds you need with the flexibility to pay it back over time.

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.

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.