However, if you don’t consolidate your debts correctly, you could end up paying more interest over the life of your refinance.Worse, you could end up with higher credit balances and no home equity for future rainy days.

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Fortunately, homeowners with some equity have options when it comes to paying off high-interest cards.

Click to see today's rates (Aug 9th, 2016) If you have so much consumer debt that you’re only making minimum monthly payments, consolidating your accounts might be a better financial decision.

Loans secured by real estate, like cash-out refinances or home equity loans, tend to have the lowest interest rates -- much lower than unsecured debt like credit cards.

This line of credit would equal the value of the property minus the amount due on the original mortgage.

What if you could wrap all your credit card balances into one loan at a low interest rate?

That sounds good, but it's not always the best solution. If you do it right, however, using a home loan to consolidate debt can lower your monthly payment burden and relieve stress in your life.

The average American household carries ,672 in credit card debt at a rate of more than 15 percent according to recent studies.

FROM THE MORTGAGE101 BLOG American homeowners are tapping their home equity again, with the cash-out share of refinances rising to its highest rate since 2008, according to data from Bla...

More Mortgage News There are several alternatives to getting a 2nd mortgage for homeowners who need cash.