Did you know that the majority of Americans carry some amount of credit card debt, and that for many that amount averages at $10,000? With interest rates averaging between 21 to 30 percent, it doesn’t take long to figure out that many people are spending a good deal of their annual income on interest and finance charges.

The bottom line is that credit card debt is not good for anyone, no matter what their income. Sure, credit cards are handy and sometimes a necessity, but if you can’t pay off your balance each month, you should not charge. Here’s why:

Each time that you fail to pay off your credit card balance, you incur interest charges. As mentioned earlier, finance charges associated with credit cards can be astronomical. In fact, a credit card carrying a balance of just $2,000 at 29 percent interest can cost the cardholder nearly $50 in interest alone each month.

And most credit cards only bill for 1 percent of the principle balance on each statement. That means that if you pay only the minimum balance, your balance will hardly ever budge and you will get stuck paying unnecessary finance charges for years to come.

But what if you are already carrying balances on your high-interest credit cards? Is there a way to turn things around and stop paying ridiculous amounts on interest? There is, and it’s called debt consolidation.

By consolidating your debts you get instant control over your finances and end your credit card debt for good. You only pay one lower monthly payment on a loan that has a much lower interest rate than your credit cards. That means that more of your money goes toward paying off your debt than goes toward interest payments. All of this means that you will be out of debt a lot sooner than you thought possible.

So, stop the endless cycle of paying credit card interest for good by applying for a consolidation loan. There really is no reason to continue to waste money on finance charges. Put your money back where it belongs: in your pocket.