Are your credit card balances out of control? Is your debt keeping you awake at night? Are you looking for a way out to get debt relief? You are not alone. Debt consolidation refinance loans are at an all time high in America, but they can help you make a fresh start. The biggest reasons people take out home equity loans is for home improvements to increase their home value or add enjoyment to their home The other reason people get home equity loan refinancing is to payoff credit card balances. If yours is the second reason, you are taking a big step towards getting your debt under control. A debt consolidation loan does not change your debt balance. It just moves it into one loan. Now instead of have several different payments, with several different due dates, you will have one payment and one due date. The interest paid on this loan is also tax deductible. Where as, the interest paid on your credit cards, is not. The one thing that you have to understand about a home equity refinance is that your home is being used as collateral. If you do not make your payments or you become substantially delinquent, the creditor has the legal right to foreclose on your home. The other benefit to a debt consolidation refinance is a lower payment. In most cases, the monthly payment on the refinanced loan is going to be lower than your combined monthly payments were on the credit cards. Another big advantage to a debt consolidation loan is the lower interest rate. Normally, the interest rate on a home equity loan is considerably lower than that of your credit cards. A consolidation loan will help you get out of debt. The mistake that most people make, after taking out one of these loan, is that they keep charging on their credit cards. With your credit cards just being paid off, you will have a lot of available credit that can be very tempting. The repayment period of a consolidation loan can be as long as 30 years. If you take the whole 30 years, you will be paying a lot of interest. The shorter your repayment period, the lower your loan repayment amount will be. If at all possible, pay extra money towards the principle balance each month. Provided you have learned how you got in debt in the first place and you have made some changes in your spending habits, a debt consolidation loan can be a great tool to get you started on your journey towards debt freedom.