Monthly Archives: December 2022

What is Phishing?

What is Phishing?

Your cybersecurity is of the utmost importance. Do you know what phishing is? Keep reading to learn what phishing is, how it can happen, and tips to tighten up your cybersecurity. 

Definition of Phishing

When criminals go phishing, do not take the bait. Phishing is when criminals create fake emails and lure you into clicking. These emails commonly bait you into clicking malicious software that will download on your computer or convince you to share personal information. Phishing happens daily, it is extremely important to know what it is, what to look for and how to handle it. 

Don’t Click It

If you see a suspicious email you feel could be a phishing attempt, DO NOT CLICK IT. Believe it or not, it can be difficult to spot a fake email. If you’re at the office and the email came to your work email address, report it to your IT manager or security officer as quickly as possible. On your personal email, do not click on any links (even the unsubscribe link) or reply back to the email – JUST DELETE IT. You can take your protection a step further and block the sending address from your email program, too.

Here’s how to… 

Here’s how to:

Signs of Phishing 

Recognizing a phishing attempt can be fishy and almost difficult sometimes. If you have a feeling an email looks off, go with your gut. Here are the top signs that may point to a phishing attempt: 

  • Contains an offer that is too good to be true
  • Very urgent language 
  • Uses threatening or alarming language
  • Ambiguous greetings
  • Requests personal information
  • Bad grammar
  • Misspellings
  • Sending from an email address that doesn’t match the person or company
  • The urgency to click links or attachments
  • Strange requests

Don’t be scammed by a phishing attempt. It is important to educate your household about what to look for in a fake email and how to go about handling it to ensure your safety and cybersecurity. Keep your devices and accounts password-protected and be sure to clear out your inbox frequently. Don’t take the phishing bate!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Money Moves for College Students

Money Moves for College Students

College is a fantastic learning experience for young adults but can often be a very expensive time of life. While many wouldn’t change their college experience for anything, we can all agree there would have been some things we would have done differently financially. Keep reading for some money tips for college students!

1. Don’t Carry a Balance on Your Credit Card

What may seem like a given, in a time of life where school is your primary focus, do not spend more than you can pay off in a month. College is a credit time to manage a credit card as well as build up your credit. Having poor money habits can easily tank your credit score and potentially put you in debt. If you do not have the money in the bank to pay for your expenses, do not charge your credit card. 

Need a credit card? Visit our website to get started!

2. Routinely Put Money In Your Bank Account

College can be a difficult time for consistent savings, but the best thing you can do is save every penny you get and stash it away in your bank account. Whether your money comes from a summer job, part-time job, or even a gift – save as much as you can! 

If you are in need of a checking or savings account, visit our website!

3. Be Smart with Your Student Loans

Paying for college can be tough and student loans are a great option to make it work for many students and families. Always keep in mind they are loans that you will eventually pay back. Apply for as many scholarships and grants as you can to help pay for your college. The less you borrow now the less you pay back later! 

If you are in need of a loan for college, we can help!

4. Work a Job If You Are Able

Working a job throughout college can often be a struggle, but if you are able, take advantage of the opportunity! Not only is this an option to make money to save up, but it is a good experience to add to your resume. There are many flexible jobs to apply for, especially for college students. Utilize your school’s resources or speak with a counselor to help you find a good option – potentially an opportunity on campus! 

College is a phenomenal time for students to learn not only the career path they choose to take, but real-life experience of expenses, budgeting, building credit, and more. Don’t let your money habits slip up in college. Incorporate these tips into your routine or share them with a college student in your life! Visit Peoples Bank & Trust Co to get the accounts and resources you need for financial success throughout your college years. 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

Home Equity Loan vs. Home Equity Line of Credit

Home Equity Loan vs. Home Equity Line of Credit 

A Home Equity Loan and Home Equity Line of Credit are both loans that use your home as collateral. Though they are very similar, they are different loans. Keep reading to learn what a Home Equity Loan and Home Equity Line of Credit are, their differences, and their benefits!

What Are They?

A Home Equity Loan and Home Equity Line of Credit, commonly known as a HELOC, are both loans which use your home as collateral. Both are fantastic options for borrowing money if you’ve paid down a significant portion of your mortgage. 

Home Equity Line of Credit: A HELOC is a line of credit in which the lender will agree to lend a maximum amount within an agreed-upon period and variable interest rate. Essentially, a HELOC uses a percentage of your home’s equity to provide a revolving line of credit, much like a credit card. Your monthly payments with a home equity line of credit will change over time. With a HELOC, disbursement of funds is made on an as-needed basis and repayment is interest-only during the draw period; you repay all the principal and any remaining interest afterward. 

Home Equity Loan: A home equity loan is very similar; however, a home equity loan is a lump sum that is disbursed upfront and paid back in fixed installments. Your monthly payments will be the same each month. With a home equity loan, disbursement of funds is an upfront lump sum and repayment starts as soon as the loan is disbursed. 

The Main Difference

HELOC: A home equity line of credit’s interest rate may vary and therefore your monthly payments on a home equity line of credit may change over time. With a HELOC, disbursement of funds is made as you need them, and repayment is interest-only during the draw period; you repay the principal and any remaining interest afterward.

Home Equity Loan: With a home equity loan your interest rate is fixed and therefore your monthly payments will be the same each month. With a home equity loan, disbursement of funds is an upfront lump sum and repayment starts as soon as the loan is disbursed. 

Pros and Cons

Home Equity Line of Credit (HELOC) 

Pros:

  • You only borrow as much money as you need
  • Flexible repayment
  • Tax deduction
  • May come with little to no fees

Cons:

  • Variable interest rates (changes based on market fluctuation)
  • Not a set repayment plan (can be a pro for some)
  • Maybe more debt to repay as it is a long-term credit option
  • Could lose your home if you default on the HELOC

Home Equity Loan

Pros:

  • Fixed interest rate
  • You borrow a lump sum to use for nearly anything
  • Little to no fees
  • Tax deductible
  • Set repayment plan (could be a con for some)

Cons:

  • Best terms go to those with a good credit score
  • Need a lot of home equity 
  • If property values decline, you owe more than your home is worth
  • Could lose your home if you default on the loan

As you can see, a home equity loan and home equity line of credit are fantastic options for homeowners. Now that you know the benefits and main differences, which is best for you? These loans are a great source of value to access cash for renovations, large purchases, home remodel projects, college tuition, a new vehicle, or nearly any other need. Visit our website to learn more or stop in to talk with a lender!

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

NMLS# 407724

Host For Less

Host for Less and Without Stress This Holiday Season 

Hosting is what many look forward to during the holiday season, but with the excitement, it can also bring stress. Whether you’re hosting Christmas or a small gathering, these tips will ensure your event is a blast. Take the stress out of hosting with these effortless tips for entertaining! 

Coordinate Schedules and Plans Early On 

When it comes to getting a holiday party on the calendar, it can often be extremely difficult. Before you get to planning dishes, décor, and more consider whom you plan to invite and a realistic budget you’d like to stick to. You are better off sending invitations early on and requesting RSVPs by a set date. Doing this will get your party on everyone’s calendar and give you a ballpark idea of guests attending. 

Create Your Own Invitations

Invitations are great; however, they are an additional cost. To lower this expense, consider creating your own invitation. You could utilize a Christmas Card as your invitation as well to knock out two birds with one stone. If you’d like to ditch the invitation altogether, consider sending out a virtual invitation or creating an event on Facebook with your friends. 

Plan Out Your Menu 

One of the best parts about the holidays is all of the wonderful seasonal dishes. When you get your RSVPs start considering the easiest and most budget-friendly options. If you plan to have cocktails, consider a few signature holiday cocktails or stick to the basics rather than having too many options or overcomplicating!

If cooking is not your favorite, consider catering or hosting a potluck-style party. A potluck can be an easy option for everyone attending to each bring a dish or side. If you’re looking for some ideas on food, consider:

  • Charcuterie night (each brings an item)
  • Themed charcuterie board night (assign a themed board to each attendee – cheese, Italian, desserts, dips, fruits, etc.) 
  • Dip night 
  • Traditional potluck
  • Nacho bar
  • Make your own pizza

Stop Doing Dishes

To keep it simple for you and your guests, stop doing the dishes. No one wants to be preoccupied at your party. It’s natural to want things to look beautiful and taste delicious, but you will be more likely to enjoy your time and avoid the hassle with dishes you can toss. There are great options you can toss that look identical to real tableware. A top holiday hosting tip is to get Tupperware or to-go boxes for guests to take home food. This is a great option for less cleanup and less food taking up space in your fridge. 

Utilize Transitional Décor 

Décor is so much fun to fancy up your event, but it can also eat up your budget if you allow it. When it comes to holiday décor, use items you already own or buy items you can religiously reuse. If you are thinking of creating a theme, go with a theme you already have décor for. Consider doing some DIY projects for décor options, a craft, and a table setting – bonus!

Make entertaining this holiday season effortless with these tips for less money and less stress. Happy Holidays! 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender