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To calculate your savings from consolidating your card debt by refinancing, use Bankrate’s personal debt consolidation calculator.

By refinancing your mortgage and taking extra money to cover your credit card debt, “you’re lumping in your unsecured debt with your assets,” says Thomas Nitzsche, spokesman for the nonprofit Money Management International. If you can’t pay your card balance, a lender generally cannot seize your assets.

MORE: Calculate personal loan rates If you’ve ruled out other options, weighed the pros and cons of consolidating with home equity and determined it’s the viable path, then it’s a choice of a home equity loan or a HELOC.

Your best option is to consult an attorney or credit counselor about debt relief, including debt management or bankruptcy.

And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Our partners cannot pay us to guarantee favorable reviews of their products or services. " At Nerd Wallet, we strive to help you make financial decisions with confidence. You may be considering tapping your home equity to consolidate your credit card debt, a move that can lower your interest costs but has risks.

We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research.

But if you are weighing refinancing to clear your card debt, here is what you need to do and know: Refinancing your mortgage and rolling in your credit card debt may seem like a no-brainer when you compare interest rates.

As of May 23, 2018, the average credit card interest rate on new card offers is 16.73 percent, according to Credit Cards.com’s Weekly Rate Report, while the average 30-year fixed rate refinance is 4.52 percent, according to Paying off your card debt by rolling it into a home refinance could ultimately cost you more, experts warn.

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