Home equity loans will have a much lower interest rate, usually less than half of what you're paying for a credit card.
Combining ,000 worth of loans at 20 percent into a single loan at 9 percent will save you at least half the monthly interest, so you can pay more in order to reduce the balance.
Equity is defined as the difference between what your home is worth and what you owe on it.
Fill in the loan amounts, credit card balances and other outstanding debt.
Then see what the monthly payment would be with a consolidated loan.
If so, the real roof over your head may provide the best way toeliminate credit card debt.
You can get a home equity loan or home equity line of credit, which is commonly referred to as a HELOC, and pay off the credit cards.
You can do this with a commercial debt consolidation loan or by using the equity in your home.