Would a home equity loan work for me?

Here is my situation:

-owe $ 9900 to citifinancial @ 28.9% interest (student loan & personal loan)— min. payment of $ 437/mo

–owe $ 15900 to finance company @ 18.99% interest (car loan)– min payment of $ 228 bi-weekly

–owe $ 790 to HBC credit card @ 28.9% interest (used for wedding attire and wedding necessities)

–owe $ 126000 to mortgage company @ prime + 8%- originaly purchase price of house was $ 133,900

Citifinancial has offered us the following home equity loan terms:

–lowered interest to 18.9%
–pay off car loan & credit card debt
–pay off our existing loan with them
–lowered monthly payments to $ 377/month (we would pay bi-weekly and about $ 250 bi-weekly, so paying more then minimum payment)
–$ 2900 cash upon signing new loan (which we could REALLY use to buy new appliances for our kitchen- dishwasher is dead, and so is our dryer)

My husband doesn’t think it is a good idea to take our a home equity loan, while I think it is a good idea because of a lower interest rate, paying off other debt, and NOT financing our needed appliances (at an in-store rate of 28% interest, because we don’t have extra cash right now)… what do you think?

We have had our original citi loan for 13 months, and it was originally $ 12 500– we have it down to $ 9900 in a year, so we are good at paying it on time, and paying more on it when we can.
I think it is a good idea to take the loan, because it seems it will help our credit, lower our monthly payment (though as I said, we would continue paying more than the minimum)– and the best thing would be that our other loans are more than 18.9% interest- so wouldn’t it make sense to pay only ONE bill (the new citi loan) than a bunch of small ones at higher interest rates??

Help me make sense of this- how can I explain this to my hubby so he sees it the same way I do? HE says he doesn’t want to do it because he wants to pay citi financial off and never deal with them again- he doesn’t see how it can really help us out right now…

ALSO it would prolong our payments to citi for 2 years beyond what we are owing them right now- this new loan would be for 160 payments- 160 months=13 years whereas we owe them for a little under 11 years right now… and our car loan is 4 years ammort.

What makes sense- taking the loan OR paying what we do now on different bills and never getting anywhere?

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