A HELOC offers credit card users an affordable way to pay down their high-rate card debt now. Getty Images/iStockphoto

Your home equity may be a natural option to fund a variety of needs.

Need to pay college education costs ? A home equity loan or home equity line of credit (HELOC) can help. Want to buy a new car or finance major home improvements or projects? Your home equity can suffice there, too, and if you use it that way you may qualify for a tax deduction , too.

But what about paying down your existing debt, specifically credit card debt? While leveraging your home's equity can be tricky and it isn't risk-free, there is a compelling case to be made for using it to pay down high-rate credit card debt now. And there's an even stronger case for doing so

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