The Filene Research Institute is looking for innovative credit unions to test the Trust Card, a debt reduction program, in its accessible financial services incubator funded by a Ford Foundation grant.
Originally pioneered by Neighborhood Trust Federal Credit Union (NTFCU), 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, NTFCU 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.
Credit unions interested in testing the Trust Card should contact Cynthia Campbell, director of innovation labs at Filene. Click here for more details about the program.