I wouldn’t make a deal with them just pay them off. However if you are going to pay them with home equity loan you are just moving your debt somewhere else. Granted, it is less interest and tax deductible but you have to be careful. If you can’t pay your credit card bills, all they can do is hurt your credit and threaten you.
If you can’t pay the equity bill, the bank can take the house.If you are going to do this the first thing you must do is stop using credit cards. Figure out why you got in debt in the first place and change the way you do things so it doesn’t happen again.Because if it does you will be right back in credit card debt and have the equity loan and no where to turn.
Come up with a good plan to get and stay out of debt and you will be fine.