How secure is your financial future? Do you have six months worth of income in an easily accessible savings account? Do you consistently invest or save 10 percent or more of your annual income? If not, you could be facing hard times financially.

Financial planners and economists recommend that each and every family have a reserve savings account worth at least half of their annual income and put regular investments into a retirement fund, stock market or other interest yielding accounts. But the truth is that most Americans have little or no savings and only invest about 1 percent of their total annual income. Many families are even in the red and have taken to deficit spending to supply life’s necessities.

The truth is that these families would love to enjoy the financial security of a reserve savings account and the added income that investments can bring, but they simply do not have any extra money after they pay their high-interest debt payments each month.

If this sounds like you, there is an easy solution to get you out of debt and on your way to saving for your future: debt consolidation. A consolidation loan can literally save you hundreds of dollars each month and help you get out of debt quicker than you thought possible. Here’s how:

When you consolidate your high-interest debts into one loan with a much lower interest rate, you add money to your monthly budget in two ways. First, you save money on interest. Most credit card companies charge anywhere from 21 to 30 percent annual interest on balances carried over from month to month. This interest alone could be costing you hundreds of dollars each month. Second, you lower the amount of your principle payment with a consolidation loan. Instead of paying $50 here and there to different creditors, you pay one lower monthly principle payment.

And applying for a consolidation loan is as easy as applying for other types of loans. There really is no reason not to combine your high-interest debt into a low-interest loan.

Just think of how much better off your family will be this time next year if you could save a few hundred dollars each month. Not only would your nest egg cushion you from crisis, it could also afford you the opportunity to do things you never thought possible like take that Caribbean cruise you’ve been dreaming about.