Credit Unions And The Gift Of Financial Wellness

Credit Unions And The Gift Of Financial Wellness

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Give a man a fish and he’ll eat for a day. Teach him to fish and he’ll eat for life. That old saying captures the essence of the two-pronged approach many credit unions take to the financial well-being of their members.

Take for example Wright-Patt Credit Union ($4.3B, Beavercreek, OH), which is in the midst of a lending promotion titled “Refi Your Ride” and a money management campaign titled “Making Getting Ahead of Debt A Little Easier.”

The refinance promotion offers immediate financial relief through the holidays via a 1% rebate and a 90-day payment deferral. 

“Members don’t want to go into debt during the holidays,” Tracy Szarzi-Fors, vice president of marketing and business development, says of the seasonal auto loan offer. “This promotion encourages them to lower their monthly payments and put a little extra money in their pockets for the holidays.” 

The debt management coaching, meanwhile, takes a longer view but uses the holidays as a springboard for long-term success in household budgeting. According to Szarzi-Fors, it was inspired by a conversation she had with a call center staffer one fall day a few years ago.

“She told me they were already getting calls for signature loans for the holidays and that the average amount requested was $5,000,” the WPCU marketing chief says. “That blew me away. So, we created a campaign to help them stay ahead of debt during the holidays.”



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