A home equity loan can be a great solution whether you have credit card debt, personal loans, high interest car loans or other debt loans. It all depends on the interest rate. If you can get the amount you need at the right interest rate, a home equity loan can truly save you time and money. If you can't cover your debts, or you can't get an interest rate that is lower than what you’re currently paying, consider another option. Shop around to make sure you are paying the lowest closing costs and interest rate possible.