You can save big bucks by downsizing your ride if you're spending as much as the average American on a car or truck.

A study by Experian, one of the three major credit-reporting agencies, says the average balance on an auto loan is $15,654 and the average monthly payment is $495. Texas drivers have the highest average monthly payment -- a whopping $570.

You can buy or lease a very nice ride for half that much and save on gas and insurance.

That's especially true if you trade a big $30,000 pickup or SUV for a $17,000 midsize sedan or smaller SUV.

Though it's usually easier to sell a car or truck than escape a costly lease, a new type of Web site can help you transfer your lease, including the monthly payments, to another consumer.

The extra cash can help you repay big credit card bills or keep up with rising mortgage payments. Click here for more ideas on how to cope with higher mortgage payments.