Home equity loan
If your home is the only asset you have you can choose to borrow against the built-up equity — either in the form of a home equity loan (which is paid out as a lump-sum payment) or a line of credit (which allows you to withdraw money as and when you need) — and use the money to pay off your high-interest debts.
The interest rate on these loans is typically low, which works to your advantage. However, if you fail to repay the loan amount you risk losing your home.
