Consumer debt is at an all-time high. In fact, it is reported that most households carry an average of $10,000 unsecured, high-interest credit card debt, and many are only able to pay the minimum payments due each month. With these dire circumstances, many could eventually pay thousands of needless dollars on interest before they see their balances hit the zero mark.

To make matters even worse, high monthly credit card payments have forced some families to use those very same credit cards to pay for life’s necessities in a “rob Peter to pay Paul” type scenario. This type of deficit spending and high-interest payments has sent some families on a downward spiral financially. Many of these families have enough income to live comfortably but see that income wasted on debt and interest payments.

If this sounds like you or someone close to you, there is an easy way to stop mounting high-interest debt, lower monthly payments and get started on a path to financial freedom: debt consolidation.

Consolidating debt is an easy way to bring your financial situation under control quickly and painlessly. In most cases, the process is not any more complicated than applying for a loan, but the rewards are tremendous.

Here’s how it works: Say a family has a total of three credit cards with $2,000 balances and interest rates of 21%, among other debts. The minimum monthly payment on each credit card is $50, but there’s a catch. Each $50 payment only pays down the principle credit card balance by 1%. When the next month rolls around even more interest charges are tacked onto the account. As you can see, this family will get nowhere by paying the minimum balances, but they may not have any other additional income to put toward the principle balance.

With a consolidation loan, this family can wipe out the 21% interest on their credit cards and the interest on other high-interest accounts and replace it with a much lower rate. When the amount of interest wasted each month becomes less, the family’s dollars can be used to pay down the principle balance, and they can get out of debt quicker.

Sound like a plan to you? The truth is that consolidating debts is often the only way for most families to get back on track financially, and it may be just the answer you’ve been looking for.