Borrowing from your home equity could be smart now that the Federal Reserve is cutting interest rates again. Getty Images/iStockphoto

While $25,000 can help pay for a variety of items – from home repairs and projects to high-rate credit card debt to college education – accessing it isn't always easy. Or cheap.

Right now, the average credit card interest rate is just under a record high of 23%. And that's assuming you could even qualify for a credit line that high. Personal loan interest rates, meanwhile, are just under 13%, meaning you'll pay around $13 for every $100 borrowed.

But home equity loan interest rates , however, are low and declining again. With the average home equity amount comfortably over $300,000 right now – and the total home equity levels recently hitt

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