Should I refinance and use my equity to pay all my bills?

I have bad credit, my score is 545. And am in a ARM rate. They want me to finace in my car ($9,000), and all credit cards($8,000). I don't know what else to do, I have to do something before 1/07 when my rate changes. The really bad thing is it is a 3 yr ARM they are looking at. That means in 3 years I have to do it all over again.