If you are in a position where you have your own home and you also have debts such as credit cards and personal loans, you would more than likely benefit from a home improvement debt consolidation loan.
We are going to take a look at why this would be of advantage.
If you have your own home you have something of value that you can borrow money against in the form of a Home Equity Loan.
The equity is the current value minus the total that you owe on the property.
So the more your home is worth and the less you owe the more you can borrow.
However there are cases when you would benefit by not only using your home to consolidate your debts but also add value to your home through home improvement.
For example if you have a home equity of $35,000 and you are looking to clear the average US household credit card debt of around $8,900 (yep that is the average scary isn't it) then you could look at improving your home as well as adding value to the property at the same time.
For instance if you have a large attic and you are looking to expand your home you could use that extra money to put in an attic bedroom and suddenly your property goes from having three bedrooms to four.
Check out the real estate windows in your area and see how much a four bedroom is compared to your own (or what ever you would be increasing the size of your property to) and explain to the bank how much it would increase the value of the property.
You might well find out that you are in a much stronger financial position over all once you have done your home improvements using your home improvement debt consolidation loan.