Most of us have not only mortgage payments, but also car payments, credit card payments, student loans. We have a chance to make just one payment per month instead of several.

If you have been living in your home for a reasonable amount of time and you have acquired enough equity, you might want to consider a debt consolidation loan.

A debt consolidation loan is using the equity you have acquired in your home from monthly payments and appreciation to pay off all of your outstanding debt, leaving you with one monthly payment instead of several.

Consolidating your debt has the potential to save you a big amount of money on a monthly basis if you have accumulated a lot of debt.

The interest rates on credit cards alone are much higher than that which you would receive on a mortgage.

Another benefit is the interest you pay on your debt consolidation loan is tax deductible, unlike your other debt.

Consolidating your debt is a good decision that will help you to save cash, but don't just dive in. Take the time to study all conditions closely and definitely shop around for the best deal. The mortgage industry is very competitive, so let these institutions compete for your business.