Used strategically, a HELOC can help homeowners save money this October and in the months that follow. Oakozhan/Getty Images

If you're a homeowner, you may have an untapped resource you're sitting on: home equity . In fact, the average homeowner has hundreds of thousands of dollars in available home equity, according to an August report . In the current borrowing climate, a home equity line of credit (HELOC) is often a more affordable alternative if you need to consolidate high-interest debt, pay for major expenses, or manage financial uncertainty.

Average HELOC rates currently stand at 8.05%. On the other hand, average credit card interest rates are more than double that, coming in over 21%, according to Federal Reserve data . Average personal loan interest rates are a

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