One of the most tempting ways to get out of debt is to take out a home equity debt consolidation loan. The fundamental problem with this, however, is that you are trading unsecured debt for debt that is secured by your most valuable asset.

Unsecured debt includes such things as medical bills and credit card debt. When you incur this debt, it is not backed up by tangible assets. This means that if you don’t pay, creditors may be able to arrange to have your wages garnished, but they can’t come after the items, like your home, that do not secure the debt.

When you get a home equity debt consolidation loan, however, the story changes. You are now trading the unsecured debt by debt that is secured by your home. If you default the lender can take the house. This is also true of trading debt secured by one thing and securing it by your home, such as including an auto loan in your debt consolidation.

While there may be benefits to a home equity debt consolidation loan, make sure you consider the consequences as well. You may find that the cons outweigh the pros.