It’s no secret that Americans are drowning in credit card debt. The average U.S. household owes over $16,000 in credit card debt. While there are times when a credit card is the best option, such as for EMV-compliant payments or when you need to earn rewards points, there are many situations where a personal loan is a better option. Here are four signs that it might be time to take out a personal loan instead of continuing to rack up credit card debt:

1) You can secure a low-interest rate personal loan

With interest rates on credit cards averaging around 15%, it’s no wonder that many people are looking for ways to lower their payments. One option is to take out a loan, which typically has a 10% or less interest rate. Personal loans can be used for various purposes, including consolidating debt, making a large purchase, or paying for an unexpected expense. What’s more, you can find alternative lenders where you can secure a loan even with bad credit.

2) You can’t afford to pay any higher than the monthly minimum

Most people have been in a situation where they’re struggling to make ends meet, and their interest rate is through the roof. In this case, it’s important to remember that using your credit card can make your situation worse. This is because the interest you accrue on your credit card balance will quickly add up, and if you only make the minimum payment each month, you’ll pay much more than you originally borrowed.

On the other hand, a personal loan can provide a lower interest rate and a set monthly payment that doesn’t fluctuate with changes in market rates. This can help you get your debts under control and get back on solid financial footing.

3) You need a large sum quickly

Credit cards are a convenient way to finance your everyday purchases. However, a personal loan may be a better option when you need to borrow a large sum of money. This is because personal loans typically have lower interest rates than credit cards, and they can be repaid over a fixed period. This makes personal loans a more affordable option for borrowing large sums of money. In addition, personal loans can be used for various purposes, including debt consolidation and home improvements. As a result, taking out a personal loan may be the best way to finance your next big purchase.

4) You’re struggling with high-interest debt every month

If you’re carrying a balance on your credit cards monthly, you’re probably paying a lot in interest. The average credit card APR is now over 15%. If you’re only making the minimum payment each month, it could take years to pay off your debt. A personal loan can help you pay off your high-interest debt more quickly and save money on interest payments. In addition, personal loans typically have fixed interest rates, so you’ll know exactly how much you need to pay each month.

5) You need greater control over your repayment schedule

Personal loans offer a more predictable and manageable option for borrowing money. When you take out a loan from Western Wall Capital, you’ll know exactly how much you need to pay each month, and you’ll have a set timeframe for repaying the loan. This can make it easier to budget and avoid falling into debt.

If any of these sounds are familiar, it might be time to consider taking out a personal loan. Personal loans typically have lower interest rates than credit cards, and you can often get a fixed interest rate, so you know exactly how much you’ll need to pay each month. You’ll also have a set repayment timeline to get out of debt and start fresh finally.