Home equity loans are appealing to people who have fallen into a downward spiral of debt. Thos who consolidate credit card bills or car loans into a home equity loan are transferring unsecured debt to secured debt and putting their home at risk.

A home equity loan does have some pluses. Compared to other forms of borrowing, it is easier to get, comes at a lower interest rate, and has tax advantages that other loans don’t.

Websites like http://www.homeequitydebtconsolidation.com offer helpful information and a free quote. It doesn’t hurt to see how much you might be qualified to borrow; just make sure you weigh the pros and cons before signing anything.