debt consolidation loan, home equity loan The economy right now is in a recession, and job losses are occurring in almost every industry. Being able to hang onto a home with a loan whose payments can escalate in the near future might be difficult, but if you look into mortgage refinancing before you are in financial trouble, you will probably be able to lower your payments for the house. And if you get laid off, you still might be able to stay in your home if your monthly payments are lower.

If you have a lot of credit card debt, you could also get a debt consolidation loan that would drop your payments considerably for those credit cards. Some debt consolidation loans will slash your total monthly payments to less than half of what they were. If you have to take out a home equity loan to cut your credit card debt, it might well be worth it. Credit card debt is a real drain on family income, so if you can find a debt consolidation loan, even if it uses your home equity, you will be the winner eventually.