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With a line of credit, you have continuous access to credit — such as a balance transfer to a more affordable credit card; the borrower can continue to borrow money at the lower rate in the future.
Chapter 7 bankruptcy would wipe out your debt immediately and get you on a path toward restoring your credit.
Then choose a consolidation option that is more affordable than what you're currently paying.
Depending on the type of consolidation, you may choose to take out a loan or open a line of credit at the new, favorable interest rate.
To do this, many or all of the products featured here are from our partners. Because of these risks, Nerd Wallet recommends that you reserve home equity for emergencies.
Consider these pros and cons: Pros A homeowner with good credit is likely to have better options that don’t risk the house.