Home equity loan vs. debt consolidation loan: Which is better?

Debt is a huge drain on your finances, not to mention your mental and emotional health. If you’re struggling to manage multiple payments on high-interest accounts, it can feel like you’re fighting a never-ending battle. One way to get back on track is to consolidate your debt.

Debt consolidation combines multiple high-interest balances with variable rates into one balance at a fixed (often lower) rate. This can help you streamline your payments, pay down your debt faster and save on interest charges.

Two ways to do this are with a home…