There are some situations though, where a HELOC might be a more attractive option.
A HELOC sets a certain amount you can borrow, called a line of credit, and you can draw upon at any time and in any amounts you wish.
You not only get one of the best interest rates available, but you can also stretch out your payments for 15-20 years or even longer, allowing you to minimize monthly payments.
A home equity loan is a type of second mortgage that is secured by the equity (ownership) you have in your home.
To qualify, you'll have to have fairly decent credit - mid-600s or above, perhaps 700 for some lenders - and a fair amount of equity in your home.
Lenders will likely want you to still have at least 10-20 percent equity after taking out the loan.
You can also seek to take out a personal, unsecured loan on your own or try to negotiate some sort of arrangement with your creditors. The simplest, and most straightforward way to consolidate your debts is to simply to take out a new loan from your bank or credit union and use that to pay off the various bills you may have.