THE TRUST CARD
Are you looking to offer a socially responsible debt reduction program?
Neighborhood Trust seeks credit unions to participate in an expanded pilot of its debt reduction program, The Trust Card, a unique credit card program designed to help cardholders get and stay out of debt. The Card leverages Neighborhood Trust’s signature financial counseling and applies principles from behavioral economics to improve debt
management. Cardholders commit to a payment plan and refrain from taking on additional burdensome debt. Piloted at Neighborhood Trust Federal Credit Union, the Card also provides compelling financial returns to the issuer.
Key features of THE TRUST CARD include:
- A financial planning process that determines the client’s ability to pay through an in-depth customized assessment.
- An upfront commitment device that encourage the aggressive repayment of principle and that sets firm credit limits based on the customer’s financial profile.
- Socially responsible interest rates and low, or no, fees.
- Fixed payments to reduce the payment term within the cardholder’s budget.
Neighborhood Trust will provide your credit union with a comprehensive toolkit that makes joining The Trust Card Program easy. The toolkit will include:
- A suggested marketing plan with templates to help you acquire new cardholders.
- Forms and training to ensure an effective counseling and card enrollment process.
- Guidelines on underwriting and card servicing to ensure strong management of loan loss rates
For more information, please join us for an introductory Webinar on March 7, 2014 at 2:00 p.m. Central. Questions? Call Cynthia Campbell 608-661-3755.
Neighborhood Trust Mission: Empower low-income individuals to become productive participants in the U.S. financial system and achieve their financial goals. To learn more visit www.neighborhoodtrust.org.