Don't rely on home loans to pay credit card debt.
The primary difference between credit card debt and home equity loans is that the latter are "secured" loans. You've pledged your house as collateral against the amount you borrow. If you fall behind on your payments for any reason, you could potentially lose your home.
In my experience, when people borrow against their homes to eliminate credit card debt, they typically just slide right back into it -- at the same level or worse -- within two to three years. That's because even after wiping the slate clean, they don't change their spending habits. They max out their credit cards all over again and find themselves in an even deeper hole.
Is it possible to use your home equity to pay down debt and then stay out of debt? Of course, but generally those disciplined enough to pull this off don't let their credit cards run amok in the first place.
Instead, I suggest calling your credit card company today and asking to have your interest rate lowered. It's a simple phone call that takes all of five minutes. For more details, read my earlier columns "Five Steps for Ditching Credit Card Debt" and "What Credit Card Companies Don't Want You to Know," and check out the reader comments for more great tips on getting out of credit card debt without using your home equity.