The average U.S. citizen pays 11 different creditors each month - credit card debt, car loan debt, personal loan debt, consumer loan debt, unsecured loan debt etc. Interest on these loans are usually much higher than a "secured" debt such as a second mortgage loan or a home equity line of credit.

Imagine you are paying 20% interest rate on your credit cards and 25% interest rate on your other consumer store cards, when you can be paying 7% interest rate on a second mortgage loan or home equity line of credit. The saving in interest for a year on a $10,000.00 debt will be $1,800.00 on a 7% versus 25% interest rate.

You are not only saving thousands of dollars of interest on your second mortgage loan or home equity line of credit but you will be making only one payment per month instead of 11 smaller payments. Further because the second mortgage loan or home equity line of credit will likely be at a much reduced interest rate and are amortized over a longer period or interest-only, your monthly payment will be substantially reduced.

This one-payment only you have to make each month, coupled with a lower interest rate will help you to manage your debt much more easily and efficiently. This will even help you improve your credit score as you finally no longer miss those many smaller monthly payments you had to make in the past.

There are numerous lenders such as bank, trust company, credit union, corporate and individual lenders that are dying to have your mortgage loan consolidation business. Again take your time, check the lenders out and negotiate the best rate for your loan consolidation.

It makes sense to consolidate your high-interest debts. You will save thousands of dollars!

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