A HELOC is a home equity line of credit, which is just taking out money from the equity in your home.
This means that you will have a mortgage for longer time-frame, and have less equity in your home when you decide to sell it in the future. When in debt you may look to borrow money to pay down debt, many times in the form of a HELOC loan. We advise against this because this is just borrowing from Peter to pay Paul.
I suggest working to fix the problem that not only caused the debt but is causing a lack of cash flow. A HELOC might not be the right option for you to pay down your debt. If you are contemplating this, contact our office to see if there are other debt relief options open to you!