Once upon a time, if you had a lot of credit card debt and owned a home, you could get a second mortgage to consolidate and pay off your debt. Interest rates were low and home values were rising. You could borrow against your home equity and pay down your unsecured debt affordably. But interest rates are rising. What's more, in some areas now, home values are declining. Mortgage rules are becoming stricter which means more people are being turned down for a second mortgage and the cost of borrowing is getting higher.

On today's podcast Ted Michalos explains this alternative to refinancing with a very expensive second mortgage.