Some people can get caught up in the emotions and urge to give and overspend during this holiday season. It can cause detrimental financial decisions.

Some even consider borrowing against the equity in their home to make everyone’s wishes come true.

Bankrate experts say Americans are sitting on a historic amount of equity in their homes — but there are hazards.

“So you think it’s great for me to go in and get this money and this equity out of my home," says Bankrate home equity analyst Linda Bell. "But that introductory rate will only be good for about 6 to 12 months, and could adjust higher — much higher.”

Her example was an introductory rate of something around 4-5% that goes well over 12% after 12 months. This could leave a family in a precarious situation just for gifts, trips or cars.

“If you don’t pay back, you could potentially lose your home, so you don’t want that to happen," says Bell. "It has to be a reason that you’re tapping your home equity. A lot of people [use] their home equity to pay off debt and consolidate debt, but again, you could potentially lose your home, so you have to make sure that you have a debt repayment plan.”

Bell adds that you should read the fine print, don’t fall for teaser rates and carefully weigh if a HELOC is right for you to remodel with those funds or consolidate debt.

She adds that you could take out a home equity loan that is different from a home equity line of credit. A home equity loan has a fixed rate, so you know what you’re in for over the long haul.