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    July 23, 2023
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Community Bank offers debt consolidation solutions by Francesca Sacco As inflation rises, and prices at the gas pump and grocery store continue to soar, more and more people are turning to credit cards to handle everyday expenses. While credit cards can be a powerful finan- cial tool that offers many benefits, running up your credit cards balances could have se- rious financial consequences in the future. U.S. consumers now owe $986 billion on their charge cards, according to Federal Reserve Bank of New York data released in May. That's a 17% jump from a year ago and a record high, according to analysts at Bankrate. Lending- Tree reports that the median credit card debt per American family is $2,700, while the aver- age is $6,270. Consumers' average credit card balance is $5,910 (up from $5,315 in 2020). And the average credit card APR recently soared to 20.92%, higher than at any point since the Federal Reserve began tracking annual per- centage rates in 1994, according to a study from Wallet Hub. The best thing you can do if you find yourself with large credit card debt is to pay it off as quickly as possible. Other wise, you could lose purchasing power, suffer negative impacts to your credit score or have less money to pay important bills. While there are many options to consider when consolidating debt, if you own your home, a home equity line of credit, or HELOC, is a good option. A HELOC is a revolving cred- it line that is secured by the equity you've built in your home. Equity is the difference between the present market value of the home and what you owe on your mortgage loan. "If you're just paying your minimum payment monthly, you're not making a dent on your principal. Most banks have lower or zero fees and lower interest rates," Rick Na- gel, Vice President & Director of Retail Bank- ing at Community Bank, said. "A HELOC is a smarter, more cost effective way to tackle credit card debt." A HELOC can be used as needed during your draw period, which is the timeframe between opening it up until your repay- ment begins. You only pay interest on what you borrow from your HELOC. "The prices of homes have continued to increase, resulting in additional equity potentially available to borrow against," Nagel said. "HELOCS allow for lower payments that help you pay your debt off quicker." Nagel said Community Bank is well-posi- tioned to help the community reach their financial goals. "Our team members are ex- perts in consumer lending. We take care of the community," he said. "If our customers are struggling financially, we want to find ways to help." Everyone's financial situation is different, which is why Nagel recommends speaking with a trusted financial advisor be- fore making a decision. "A lot of people don't talk about struggling with credit card debt. There's a stigma attached to it. But by ignor- ing it, you're making the situation worse," he said. "Your situation won't change unless you take action. Let Community Bank help." About Community Bank For over 121 years, Community Bank, a lo- cally- managed, independent bank, has offered the communities and regional businesses it serves with comprehensive financial services. Today, Community Bank continues to offer steadfast personal ser- vice, coupled with the latest in financial ser- vices and technology. With offices in Pennsylvania and West Vir- ginia, and with dedicated loan officers, Com- munity Bank offers old fashioned relation- ship banking, notable for its speed, flexibility and common sense. To learn more about Community Bank, and the services and products they offer, visit www.communitybank.tv. Sponsored content brought to you by ch Community Bank Member FDIC TOA HOONE LENDER Community Bank offers debt consolidation solutions by Francesca Sacco As inflation rises , and prices at the gas pump and grocery store continue to soar , more and more people are turning to credit cards to handle everyday expenses . While credit cards can be a powerful finan cial tool that offers many benefits , running up your credit cards balances could have se rious financial consequences in the future . U.S. consumers now owe $ 986 billion on their charge cards , according to Federal Reserve Bank of New York data released in May . That's a 17 % jump from a year ago and a record high , according to analysts at Bankrate . Lending Tree reports that the median credit card debt per American family is $ 2,700 , while the aver age is $ 6,270 . Consumers ' average credit card balance is $ 5,910 ( up from $ 5,315 in 2020 ) . And the average credit card APR recently soared to 20.92 % , higher than at any point since the Federal Reserve began tracking annual per centage rates in 1994 , according to a study from Wallet Hub . The best thing you can do if you find yourself with large credit card debt is to pay it off as quickly as possible . Other wise , you could lose purchasing power , suffer negative impacts to your credit score or have less money to pay important bills . While there are many options to consider when consolidating debt , if you own your home , a home equity line of credit , or HELOC , is a good option . A HELOC is a revolving cred it line that is secured by the equity you've built in your home . Equity is the difference between the present market value of the home and what you owe on your mortgage loan . " If you're just paying your minimum payment monthly , you're not making a dent on your principal . Most banks have lower or zero fees and lower interest rates , " Rick Na gel , Vice President & Director of Retail Bank ing at Community Bank , said . " A HELOC is a smarter , more cost effective way to tackle credit card debt . " A HELOC can be used as needed during your draw period , which is the timeframe between opening it up until your repay ment begins . You only pay interest on what you borrow from your HELOC . " The prices of homes have continued to increase , resulting in additional equity potentially available to borrow against , " Nagel said . " HELOCS allow for lower payments that help you pay your debt off quicker . " Nagel said Community Bank is well - posi tioned to help the community reach their financial goals . " Our team members are ex perts in consumer lending . We take care of the community , " he said . " If our customers are struggling financially , we want to find ways to help . " Everyone's financial situation is different , which is why Nagel recommends speaking with a trusted financial advisor be fore making a decision . " A lot of people don't talk about struggling with credit card debt . There's a stigma attached to it . But by ignor ing it , you're making the situation worse , " he said . " Your situation won't change unless you take action . Let Community Bank help . " About Community Bank For over 121 years , Community Bank , a lo cally- managed , independent bank , has offered the communities and regional businesses it serves with comprehensive financial services . Today , Community Bank continues to offer steadfast personal ser vice , coupled with the latest in financial ser vices and technology . With offices in Pennsylvania and West Vir ginia , and with dedicated loan officers , Com munity Bank offers old fashioned relation ship banking , notable for its speed , flexibility and common sense . To learn more about Community Bank , and the services and products they offer , visit www.communitybank.tv . Sponsored content brought to you by ch Community Bank Member FDIC TOA HOONE LENDER