It Depends on a few factors.

1. Equity in your Home
2. Rate on Equity
3. If the Loan is Tax Deductible -
4. If you can afford the payment

If you have More than 10% Equity in your Home, Good Credit and you used the 45K on Home Improvement and you can afford the payment consolidate with a Home Equity Loan.

The IRS requires you to use debt for home improvement for it to be tax deductible.

Check with my husband, he’s a loan officer. If you have enough equity in your home, obviously Home equity would be the way to go. But he’d know better than I would. Best of luck!

A home equity loan is the way to go. Get low interest, make sure it is FIXED interests then borrow against your home and pray you can pay the $45,000 wackeroo off .

A home equity loan is only useful if you can give up your credit card habit. Otherwise you end up with a second mortgage AND all the credit card debt.

I would advise talking to the CCC.

In either case, read everything carefully before you sign it.

Grandpa

If you have enough equity in your home that is the way to go.

Home equity rates are much lower than some consolidation loans and it can be used for tax deductions most of the time. Get one & pay off your credit card debt then you will only have one payment at a much more affordable rate.

You have the option to lock in the rate to a fixed rate.