Overwhelmed by debt? It may be time to consolidate

09:36AM / Tuesday, January 28, 2025Print Story | Email Story

The start of the New Year is a great time to evaluate your financial status and set goals for savings and more. If multiple debts are hurting your ability to meet monthly expenses and save at the rate you want, debt consolidation can help.

Debt consolidation works by transferring your debt from multiple—and often high-interest—sources into a single loan or line of credit. Not only is it easier to pay a single bill to one source, but consolidated debt options have lower interest rates that allow you to pay off your debt faster, which, in turn, frees up cash for savings. However, when choosing a consolidation tool, there’s more to consider than just the interest rate.

Why 0 percent interest may not be in your best interest

At first glance, a 0 percent interest credit card may seem like the best option for debt consolidation. But, as with many good things, the 0 percent interest offered on cards doesn’t last. Most introductory rates are in effect for six to twelve months, at which point the balance owed racks up interest at the card’s regular variable rate (sometimes up to 30 percent)—a rate that’s higher than other consolidation tools, like personal loans and home equity lines of credit (HELOC).

In addition, if you are late or miss a payment during the 0 percent window, you void the introductory 0 percent offer and immediately begin accruing interest charges. FYI, in December 2024, the average credit card interest rate was 24.43 percent while HELOCs clocked in at 8.55 percent and personal loans came in at 12.31 percent.

Benefits beyond low interest rates

If you’re looking for a consolidation option that gives you a bit more control and benefits that don’t disappear over time, you should consider either a personal loan or HELOC.

As the name suggests, a personal loan is a lump sum loan paid to you that you can use to pay down debt now. You then pay back the loan at a fixed rate over a fixed amount of time. One advantage of a personal loan is that you choose the term length and amount for the loan. This allows you to manage repayment of any debt on your terms. Qualifying tends to be quick and uncomplicated (no collateral required), and you may even be approved the same day.

HELOCs, on the other hand, do require collateral in the form of equity in a home or property. Like a credit card, a HELOC requires you to establish a line of credit that you can then draw from over time to pay down debt. While the interest rate for a HELOC is not fixed, it’s likely to be lower than the rate of a standard credit card. The downside of a HELOC is that if you are unable to pay it off in full, the lender can claim whatever property you put down as collateral.

Take control now

While there’s no way to make debt disappear, debt consolidation offers a means to save money on interest, simplify payments, and take control of your finances. But don’t wait. The sooner you get started, the more you’ll save and the closer you’ll be to long-term financial stability.

BIO

Mary A. Coughlin is the Vice President, Manager of Residential Mortgages at Pittsfield Cooperative Bank. She has more than twenty years of experience in residential and indirect lending. She has been a Top Ten Mortgage Loan Originator in Berkshire County for multiple years. Mary is a passionate advocate for finding the right lending solution for customers while ensuring a smooth and collaborative process with underwriters, processors, and the lending institution.

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Possible Measles Exposure at Boston, Logan

12:05PM / Wednesday, December 24, 2025

BOSTON — The Massachusetts Department of Public Health confirmed Wednesday that an out-of-state adult visitor who spent time in Boston and Westborough earlier this month was diagnosed with measles and was present in a number of locations.

This could have resulted in other people being exposed to measles virus.

The visitor arrived at Logan International Airport on American Airlines flight 2384 from Dallas-Fort Worth, Texas, on Dec. 11 at 2:39 p.m. They stayed at the DoubleTree by Hilton Hotel Boston-Westborough in Westborough and departed the state on Dec. 12 via Logan at 9:19 p.m. on JetBlue flight 117 to Las Vegas.

DPH is working with the U.S. Centers for Disease Control and Prevention and local partners to identify and notify those who may have been exposed to measles from this individual.

"Measles is a highly contagious, airborne disease, which has increased significantly in the United States because of the unfortunate decrease in vaccination rates. It is also a preventable disease," said Public Health Commissioner Dr. Robbie Goldstein. "This current situation serves as an important reminder of the critical role vaccination plays in protecting our communities. While Massachusetts has not had a measles case this year, 2025 saw the highest number of nationwide cases in more than a decade — nearly 2,000 in 44 jurisdictions, and sadly, three deaths.

"Fifteen years ago, measles had been considered eliminated in the United States, but that tremendous progress is at risk. Vaccines are one of the most important public health interventions ever — they are safe, effective, and lifesaving."

Measles is very contagious. However, the risk to most people in Massachusetts is low because the vaccination rate in the state is high. People who are not immune and visited any of the locations on the following dates and times may be at risk for developing measles.

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