SOURCE: Mountain America Credit Union
WEST JORDAN, UT--(Marketwire - Aug 30, 2012) - In four months this spring and summer, Mountain America Credit Union actively saved its members nearly $7 million in interest payments by refinancing, consolidating and otherwise eliminating high-interest debt by converting it to reasonable, low-interest loans.
From April to July this year, all Mountain America branches used the internally developed "Value Analyzer" tool to show members actual amounts being saved. For example, one couple recently visited Mountain America to discuss refinancing a mortgage from another local financial institution. They also had an RV loan with the same financial institution, and they were interested in saving what they could. Using the Value Analyzer, the credit union showed the couple they could refinance the loans, reducing the term by several years and saving them nearly $60,000 in interest. After reviewing the numbers, the couple happily made the change.
"We recognize that our members' budgets are tight," said Jason Rogers, Mountain America's senior vice president of branch administration. "At Mountain America, we do what we can to help our members improve their financial circumstances. By converting high-interest debt to new low-interest loans, our members have been able to lower their monthly payment obligations and/or eliminate their debt faster. The Value Analyzer was developed to show our members what they can accomplish when they take advantage of the current low interest rate environment, as most people don't realize how quick and easy it can be. The Value Analyzer can quickly demonstrate the value of refinancing the higher interest loans that our members may have with other institutions. It continues to help thousands of members make sound financial decisions."
More information on Mountain America rescue loans can be found online at www.macu.com or at any Mountain America branch.
Mountain America Credit Union has 71 branches in five states and offers a variety of financial products and services for consumers and businesses. With roots dating back to the 1930s, Mountain America Credit Union has become a tradition for many members. Today the credit union serves more than 373,000 members and has more than $3 billion in assets. Mountain America Credit Union has been honored five times as one of "Utah's Best Companies to Work For" by Utah Business magazine. Visit www.macu.com for more information.