Credit card debt can quickly become overwhelming, especially when high interest rates make it difficult to reduce your balance even as you make payments. While Experian reports that the average credit card interest rate is 19.35% as of July, rates can reach nearly 30%. If you're only making minimum payments, it can be difficult to keep up.
Your home's equity may offer a way to manage that debt. By borrowing against your home equity, you may be able to pay down or eliminate your credit card balance and potentially reduce the amount you're paying in interest. But using an option such as a home equity line of credit (HELOC) also puts your home on the line.
