Credit card debt can quickly turn into a cycle of never-ending payments. Thankfully, there are several solutions if you’re looking to get ahead of your debt and pay it off faster.

One way is to apply for a personal loan to effectively move your debt from your credit card issuer to a personal loan lender and hopefully snag a smaller interest rate and better repayment options. By doing so, you’ll likely pay less in interest in the long run and can eventually become debt-free. There are also a few other options that are worth considering if you want to consolidate debt efficiently and cheaply.

Below, CNBC Select details what you need to know about using a personal loan to pay off credit card debt, and how to get started.

Credit card debt has ballooned recently as Americans continue to cope with record-high inflation for everyday goods such as gas and groceries. Unfortunately, trends like this can create a slippery slope since credit cards tend to have high-interest rates, allowing consumers to rack up debt even quicker.

If you’ve found yourself in a credit card debt loop, you may want to think about using a personal loan. Here are two reasons why using a personal loan to pay off credit card debt could make sense for your situation.

Personal loans usually have lower interest rates than credit cards

Let’s say you have $10,000 in credit card debt on a card charging you 22% APR and you pay this off in three years. You’ll end up paying about $3,749 in interest. But if you had consolidated that debt into a personal loan charging 13% APR, then you would have only paid around $2,130 in interest. That would save you almost $1,619 in interest charges.

And keep in mind that these interest rates are just averages. LightStream, CNBC Select’s best overall pick for personal loans, offers APRs ranging from just 6.94% – 25.29% APR with AutoPay, depending on your terms. So, your savings can be even greater.

You can reduce the number of monthly payments you have

If you happen to have more than one credit card with a revolving statement balance, opting for one concise monthly payment with a personal loan could be helpful. Rather than focusing your efforts in multiple places, you’ll have all your debt in one place and can put your energy into paying that down. Plus, the more money you put toward the personal loan, the faster you can pay it down and the less overall interest you will pay.

Check out CNBC Select’s personal loan marketplace which will allow you to see what loans you’re pre-qualified or pre-approved for. It’s free, will not impact your credit score and allows you to compare interest rates from different lenders.

Personal loans have fees

As you’re researching different lenders, consider any fees you may be charged for the personal loan, which can include application fees, origination fees, prepayment penalties, late payment fees, returned payment fees or payment protection insurance. If the difference in interest rates is small between your credit card and personal loan, the fees can negate any potential savings.

If a personal loan sounds like a viable solution for your financial needs, here are a few of CNBC Select’s favorite lenders to choose from. CNBC Select ranked LightStream as the best personal loan lender overall because of its low interest rates and flexible terms, but PenFed is also good for those seeking smaller loans and Discover for those seeking fast funding. These loans also don’t have origination or early payoff fees.

While taking out a personal loan is a solid option for paying off credit card debt, another way to go about it is to sign up for a balance transfer credit card that comes with a 0% introductory APR. With this type of card, for a specified amount of time, its balance will not incur any interest as long as you make the minimum payment each month.

For example, the Wells Fargo Reflect® Card offers a 0% introductory APR for 21 months from account opening (after, 17.24%, 23.74% or 28.99% variable APR; see rates and fees) on purchases and qualifying balance transfers. Balance transfers made within 120 days from account opening qualify for the intro rate, BT fee of 5%, min $5.

If a personal loan doesn’t suit your needs, consider using a Intro APR credit card such as one of the following listed below:

Escaping credit card debt is a great start to building financial stability and long-term wealth, so using any solution to get out of the debt cycle is worth considering.

Before applying for a personal loan, check your credit score to see where you currently stand, as it will help you determine the kinds of loans you’ll be able to qualify for.

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*Your LightStream loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 7.99% APR with a term of 3 years would result in 36 monthly payments of $313.32