Alex was buried in credit card debt, but thanks to a HELOC from Fidelity, he’s able to see the light at the end of the tunnel.
Did your credit card debt grow in 2020? Find out what happened to Alex.
When the pandemic first hit, Alex, a bartender was worried about his job. Early in April, Alex was laid off from both of the restaurants he worked at. Worried about losing his condo, he began paying for his bills and groceries with credit cards.
Towards the end of summer, Alex was able to find a new job and concentrated on paying down his debt. Even though he had a high credit score and made regular payments, his credit cards had high interest rates and what he owed continued to grow. His small monthly payments were barely making a dent in his balance, thanks to these high-interest rates.
The Solution
Right before Christmas, Alex applied for a HELOC through Fidelity Bank. The application only took a few minutes and thanks to his high credit score, he was approved at a low-interest rate. He gained access to cash right away and decided to pay off his credit card debt in full. Now, he’s able to make payments he can comfortably afford without worrying about high-interest rates.
Find out how Fidelity’s LifeDesign Banking approach can help you tackle your debt with clarity and confidence to set you up for financial success.
Introductory rates as low as 5.99%* APR
7.00%* APR thereafter
Apply now and pay down your debt, faster.
Home equity lines of credit can be used to accomplish many goals. Here are a few examples…
The Kim family used their HELOC to improve their home.
Instead of credit cards, Olivia grew her business with a low-rate HELOC.
Jackson got prepared and used his HELOC to build an emergency fund.
*Annual Percentage Rates (APR) accurate as of 12/20/2024. The introductory APR of 5.99% APR will be in effect for the first 6 months of your loan. After the introductory rate period, the subsequent Annual Percentage Rate (APR) will adjust monthly based on the highest Wall Street Journal published Prime Rate on the last business day of each month. Introductory APR only available to clients: without an existing Fidelity Bank home equity line or loan; with an existing or new CareChecking account; and with an automatic payment deduction from a Fidelity Bank Checking Account. Subsequent APR is prime minus .50%, prime minus .625 % with CareMore or SecureCare Checking, or prime minus .75% with CompleteCare Checking. Rate will never exceed 18% APR or drop below 4.00% APR. Available on 1-2 family owner-occupied homes and condominiums only. Loans available from $10,000 and up. You can borrow up to 100% of the equity you have in your home. Loans exceeding 75.01% Combined Loan to Value (CLTV) may have higher rates and require Private Mortgage Insurance (PMI). Property insurance required. There is an annual fee of $50.00. Interest begins to accrue when funds are advanced from line of credit. If the line is closed within 3 years, the Bank’s closing costs must be repaid. Interest may be tax-deductible. Please consult your tax advisor. All loans are subject to credit approval. Other restrictions may apply. Offers subject to change or termination at any time.
The Fidelity Bank LifeDesign HELOC examples are fictitious and not based on real people or stories. Any resemblance to actual events or locales or persons is entirely coincidental.
