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Filene Seeking CUs to Test Trust Card
Thursday, April 17, 2014 6:45 AM

The Filene Research Institute is looking for credit unions to test the Trust Card, a debt reduction program, in their accessible financial services incubator funded by a Ford Foundation grant.

Originally pioneered by Neighborhood Trust FCU, the Trust Card consolidates existing unsecured debt, offers fair interest rates, and sets affordable fixed monthly payments for consumers. It also comes with a financial counselor who helps consumers reduce debt. Since its trial rollout, The credit union consolidated approximately $300,000 of debt for 45 Trust Card users, saving borrowers tens of thousands of dollars in interest payments and generating substantial revenue with zero charge-offs.

Additional information is on Filene’s website, at www.filene.org.