Credit card interest rates on average are for most consumers somewhere between 21 and 30 percent depending on the cardholder agreement. These rates can be devastating if you’re one of the millions who can only pay the minimum balance due on their high-interest debt each month.

The truth is that high-interest debt like that associated with credit cards can be a vicious, money-hungry sink hole that is very hard to climb out of once you realize that you’re in over your head. The reason why this is so is that most credit card companies only include as little as 1 percent of your principle debt on your monthly payment; the rest and bulk of your payment goes to pay the high-interest charges.

With payments hovering around $50, you may feel like you don’t owe that much, but you could really spend tens-of-thousands of dollars paying off an unsubstantial debt if you only pay your minimum balance each month. And this dire set of circumstances can be compounded if you have more than one high-interest debt that you are trying to pay off.

But what can you do if you do not have enough money to pay off your high-interest debt quickly to avoid unnecessary finance charges? Does not having the extra money to put toward your principle balance mean that you have to suffer through decades of paying high-interest payments?

The answer is no. Many people facing this same situation have put an end to their high-interest payments and lowered their monthly bills through debt consolidation. Consolidating your debts brings all of your high-interest bills together under one payment and dramatically lowers your interest rate. That means that more of your money goes toward your principle balance, and you get out of debt quicker.

Not only does debt consolidation lower your interest payment, it also lowers your principle payment amount as well. That means that you could save hundreds if not $1,000 or more through a consolidation loan.

And the process is as simple as applying for a loan itself. All you have to do is shop for the lowest rate, gather up all of your information and apply. Once approved, you will never have to waste money on high-interest payments again.

How could your family use all of that extra money each month? Would an extra $500 or so improve your quality of life? Sure, it would. All you have to do is make the first step.