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Hamilton Bank and Orrstown Bank have officially merged to provide you with a wider range of products and services through more locations and digital channels. As we continue the transition activities from Hamilton Bank to Orrstown Bank over the coming weeks, we developed a Welcome Guide that should answer the questions you might have.  A copy of this guide was recently mailed to you.  To access the electronic version of the guide, please click here.

For more information about our transition, please visit our welcome page by clicking the Learn More button below.

Effective May 1, 2019

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UPDATE: All Hamilton Bank offices are closed today (2/20/19) due to weather. Please be safe if you are on the roads.

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  • Should You Consider a HELOC to Consolidate Your Credit Card Debt? February 26, 2019
    Article Image - Should You Consider a HELOC to Consolidate Your Credit Card Debt?

    If you’re searching for a trustworthy and reasonable way to consolidate your credit card debt, it can be tricky to find something that helps to get your balance under control without high interest rates. With credit card rates on the rise and sitting at an average record high of 17.57%, now is the time to investigate your options and consider a HELOC to consolidate your credit card debt.

    Should You Consolidate Your Credit Card Debt?
    Carrying high balances on multiple credit cards can rapidly become an out-of-control cycle. You make monthly payments to slowly chip away at the balance, but then it goes right back up once interest and another purchase are added in. Consolidation is a winning solution for many people who are struggling to pay off debt in the wake of increasingly high interest rates.

    By consolidating your debt, you can make a single payment instead of multiple ones. Juggling multiple cards means you have numerous payment due dates, minimum payment amounts and interest rates. Putting your debt onto one single loan can simplify things and make it easier to focus on paying off the entire balance. You will also only be subject to a single interest rate. While monthly payments might be higher, the convenience of a single payment to make is often worth it.

    How Can a HELOC Help?
    A Home Equity Line of Credit works fairly similar to a credit card. You will be given a line of credit up to a certain limit, and you can borrow an amount at any time up to your maximum limit. You will pay off what you owe to the HELOC, and in return, you can regain part of that credit line to borrow in the future. HELOCs are great if you want to consolidate your credit card debt because they allow you to save a great deal on interest charges and use the credit line for anything, unlike other loans.

    However, you should also know that HELOCs have a few potential downsides. Your interest will not be tax deductible if you use it towards debt consolidation. The rates of the HELOC are also typically adjustable and not fixed, which could be either good or bad depending on your current interest rates and your payoff timetable.

    Explore Your Credit Card Consolidation Options with Hamilton Bank
    We work with numerous customers who are struggling to find the best method to pay down credit card debt, and we are happy to help you explore your options. At Hamilton Bank, we are committed to providing our customers with the best customer experience possible. If you are interested in learning more about debt consolidation options, visit your closest Hamilton Bank branch or call us at 410-823-4510. Click here for our current HELOC promotion information.

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