The average household credit card debt is $10,000. With most interest rates falling between 21 percent and 30 percent, it doesn’t take long to do the math and figure out that too much of our money is going to pay off high-interest credit cards.

Think about it this way. A credit card carrying a balance of $2,000 and an interest rate of 29 percent would cost the cardholder almost $50 in interest per month. That’s only $2,000 in credit card debt. How much do you have? For many families, $2,000 is just a drop in the bucket of their high-interest, unsecured debt. Does this sound like you?

If so, there is an easy solution to stop those expensive monthly interest payments and lower your total monthly bills: debt consolidation. Consolidating your debts brings all of your monthly bills into one loan that sports a low interest rate. A lower interest rate alone could save you hundreds of dollars each month, but a consolidation loan goes even one step further and lowers the amount of your principle payments. That means that you could save hundreds of dollars if not a $1,000 or more each month.

Most consolidation loans come in the form of a second mortgage. They lower your bills by taking all of your smaller debts and lumping them together into one loan. Your other creditors get paid off, and you only owe one sweet amount each month to pay off your loan. The interest rates are almost always substantially less than what you pay now, and your monthly payments can be reduced by hundreds of dollars. Plus, more of your money goes toward the principle balance and that means that you will be out of debt even sooner than planned.

And the process of consolidating your debts is as simple as the loan process itself. Many companies will even send out your payoffs for you so the only thing you have to worry about is the application process. With everything being this simple, there is no reason not to lower your bills by consolidating your debts.

Just think of how much financial freedom you could achieve with a few extra hundred dollars a month. Are you already thinking of how you could spend it?