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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New Pittsfield Mural Designed With Student Input Unveiled

By Breanna SteeleiBerkshires Staff
12:10PM / Wednesday, August 12, 2026

The Common Wealth Murals team.

PITTSFIELD, Mass. — A new mural is welcoming the community in the downtown area.

The ribbon cutting was held on First Friday to unveil the mural on the ADLib building at 215 North St.

Designed by Boston-based artist Ruby Rose, it was created in collaboration with AdLib, Common Wealth Murals, Mill Town Foundation, Let It Shine!, Pittsfield Public Schools, and local artists, students, and community members.

"We start by talking with the community about what do you want to see in the mural, what do you want this mural to be about, how do you want to be represented with this piece of public art, and then a designer takes all that input and creates a design," said Common Wealth Murals Executive Director Britt Ruhe.

Ruhe's team went into four schools: Conte Community, Crosby Elementary, Reid Middle, and Herberg Middle. They trained the art teachers, one from each school, in how to gather student input for mural design.

But not only did the input go into the mural downtown but also back into their school. Each school chose a different designer, so murals for the four schools will all look distinct.

Students provided verbal and written comments and made drawings. Teachers and students then painted panels in class, which are now being detailed and will be installed back in the schools.

Ruhe said the students showed a lot of love for their city.

"It was really striking to me because we work with schools in Springfield and other places. The kids in Pittsfield love their town, love their city," she said. "They name specific parks and specific restaurants and specific places they love to go, and they really talked a lot about being out in community with their families and friends, and so that really comes through."

Their murals are produced as "paint-by-number" style fabric panels, so community members can physically participate in painting. The community came together for the July First Friday to help.

"Those community gatherings are a place where, when you're standing around a table, working with people you don't know that in the normal course of events you may never speak with, you find yourself just in easy, natural conversation with people because you're all working towards something," said Ruhe. "So we really believe and hope that people can look at something like this and say, look what we made together.

"If we can make this together, what else can we do together? So we hope it's a seed for a community coming together to tell their stories, to plant their hopes for the future, and to really feel grounded in where they live."

Self, an artist and Common Wealth Murals project manager, said they were very welcomed and it was nice to see that the mural reflects the values of the community.

"I think it's beautiful, and I think it's a beautiful reflection of what the Pittsfield community holds value in, and you can just see a lot of community and unity like in this mural," they said. "People of all colors, ages, and styles are included, incorporated, and connected, and like the interconnectedness of the area."

The team started painting the mural on Monday and finished on Thursday. It was painted next to the entrance for AdLib, a nonprofit organization that serves people with disabilities so that they can live independently in the community.

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