0% Interest May Not Be in Your Best Interest.

At first glance, a 0% interest credit card may seem like the best option for debt consolidation. But, as with many good things, the 0% 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 our home equity line of credit (HELOC) special. In addition, if you are late or miss a payment during the 0% window, you void the introductory 0% offer and immediately begin accruing interest charges.

Pittsfield Cooperative Bank can help you tap into your home’s equity with our early winter home equity line of credit (HELOC) at a special twelve month introductory rate of 5.99% and a current prime rate of 7.50%. That sure beats that national credit card interest rate of 24.43% (December 2024).

* The Annual Percentage Rate (APR) is variable and can change monthly to equal the published Wall Street Journal Prime Rate after the first 12 months at the introductory rate of 5.99% APR. Maximum APR is 18%. Ten-year draw period followed by a fifteen-year repayment period. Home Owners Insurance and Flood Insurance (if applicable) are required. Available to new Home equity Line of Credit borrowers. Rates apply to owner occupied 1-4 family residences with maximum loan to value of 80%. An early termination fee of $500 will be assessed if the loan is paid off and closed within 24 months of account opening. Subject to credit approval. Offer ends February 1, 2025. **No closing costs and no annual fees.