Home Equity Line of Credit

This is a loan that you borrow against the security of your home. It is often used to consolidate all your loans into a single home equity loan because interest rate on a home equity loan is much lower than interest rate on credit card loan, car loan, consumer loans and other unsecured personal loans.
It makes sense to have a home equity loan to replace all your other expensive loans because the interest you save can be used to pay down your debt principal. However you should be financially disciplined and not run into more debts such as credit card or consumer loans. If you do so you will get deeper into debt but this time because your home equity loan is secured by the collateral of your home, you may end up loosing your home.
Lenders love home equity loan because they hold your home as security. So again make the lenders compete for your business and obtain the best rate and best deal.