Folks who currently have a home equity line of credit (HELOC) may be feeling a bit of a pinch at today's rising interest rates. HELOCs are adjustable-rate loans, meaning the interest rate you pay changes depending on a certain index (usually Prime Rate). And these days, rates are increasing, which means the cost and minimum payments of most HELOCs are increasing, too. Fortunately, most HELOC borrowers can convert their loan to a fixed rate. Here's how:

Refinance Your Home

One option available to many HELOC borrowers is to refinance their home for a larger amount than their current mortgage, and using the additional borrowed money to repay the HELOC. By choosing a fixed rate refinancing mortgage, you essentially turn your HELOC balance into a fixed rate mortgage loan. This is a great choice for folks who should be refinancing their home anyway, such as anyone whose mortgage interest rate is higher than the current rates on the market.

Convert it into a Home Equity Loan

Unlike a HELOC, a home equity loan usually pays out the cash in one lump sum--and the rate is often fixed. Some HELOC borrowers may be able to convert their HELOC into a fixed-rate home equity loan. Although you will no longer be able to draw off the balance, you will get the current low-rate locked in for the life of the loan. Check with your HELOC lender to see if this is an option for you.

Get a New Home Equity Loan

If you are unable to convert your HELOC into a home equity loan through your current lender, you may be able to obtain another home equity loan. If so, you can use the money you borrow to pay off your HELOC in a do-it-yourself conversion of HELOC to home equity loan. Search for lenders willing to work with you by checking local banks and online loan companies.

If you currently have a HELOC, you're not stuck with a rising adjustable interest rate. There are numerous options that can help you drop your HELOC balance to zero and switch the balance to a less expensive, fixed rate loan.