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|Products & Services News (05-04-12)|
A new "best practice” in the field of financial counseling is helping people who are completing debt repayment to move toward financial wellness. Now more than ever, members need organizations to help them learn how to pay off debt and save for retirement, emergencies and big purchases.
LSS Financial Counseling Service has pioneered an approach to help debtors complete their full debt repayment and move into savings security. When clients begin a debt management plan (DMP) at LSS, counselors help create budgets that build in basic savings for periodic expenses such as car repair and taxes. As a person completes their DMP, they are given tools to transition that monthly debt payment into monthly savings at their financial institution – which rapidly builds the emergency savings balance (and habit) that create financial security and pride.
LSS is dedicated to helping people achieve financial stability and meet their financial goals. In fact, LSS's service model will be used in a national research project with Innovations for Poverty Action (IPA). Through this project, they will be exploring key messaging to motivate people to save more, especially during the window of opportunity as debt repayment is completed.
To discover how your credit union can benefit from LSS's financial wellness products and services, contact MnCUN Vice President – Network Service Corporation John Ferstl by email or at (651) 288-5505.
Credit unions looking for auto loans should turn to Invest in America. Research shows that those that participate in this program see an increase loans. Plus Invest in America provides credit unions resources to market the program to members.
Invest in America is committed to making its GM program a success at your credit union. Program benefits include:
Credit unions can choose from two levels of participation – Premium or Standard – based on the amount of marketing they can commit to. This allows all credit unions to participate and continue to offer this valuable discount and benefit of membership to their members.
To enroll in the Credit Union Member Discount from GM and take advantage of all it has to offer, please visit the Invest in America Partner Center and click on Credit Union Enrollment Forms. While visiting the Partner Center, you can also get program information by clicking on GM Program Overview. With questions about Invest in America, contact MnCUN Director of Business Development Vickie Ganrude by email or at (651) 288-5515.