The idea is to use the equity of your house to pay off more expensive debts, instead of selling your home, going bankrupt or getting a regular consolidation loan.
The main challenge is typically your credit history.
More debts subsequently lower your credit score.
Paying off your debts will significantly reduce the amount of stress, will improve your credit score and reduce monthly obligations.
In the unlikely situation that your debt consolidation/refinance is not approved, there are still other options to help you to get back on track – for example, using a private mortgage to pay off your debts which will improve your credit history.
There are a lot of options out there, and I can help you to find the best one for you!