If you are overextended with credit and living month-to-month, debt consolidation might make your payments more manageable. 

By using a home equity loan to pay off multiple credit accounts, you can take advantage of three valuable benefits:

• Simplicity.  Instead of a steady stream of bills in the mail — each with a different payment amount and due-date — you receive a single statement each month. 
• Lower payments.  Because they are secured by your home, home loans generally carry lower rates than most other types of credit.  That means you'll have lower monthly payments and a chance to put money into savings.
• Improving credit.  Simplifying your debt situation and reducing your monthly obligations can make it easier to keep up with payments.  A solid payment record on your home equity account is a great way to give your credit a boost.