Debt Consolidation Offer Boosts Loan Growth to 9.88% at Shell FCU
DEER PARK, Texas-Shell FCU is reporting that its year-long "Operation Erase My Debt" helped drive a 9.88% increase in net loans during 2010.
The $433-million credit union said the goal of the campaign was to help members to "own more and owe less," and to that end helped individuals determine payment schedules that worked for them by refinancing or consolidating outstanding debt to reduce monthly payments and eliminate high interest loans and credit cards.
Overall, during 2010 Shell FCU funded 11,445 loans for $158.1 million dollars, with net loans up $26.8 million (9.88%). During December, SFCU said it set a loan record by funding more than $20 million in loans.
Shell Federal's microsite, www.OperationEraseMyDebt.com, was visited more than 8,700 times with an average time on site over two minutes from February to December 2010. The website showcased member testimonials, debt and loan information, SFCU loan application links, and a section where more than 530 individuals shared their debt stories.
Operation Erase My Debt also included $20,000 in prizes, which went to four individuals to help pay down debts they already possessed. In 2010 every auto, home equity, mortgage or signature loan funded by SFCU with a balance of $5,000 or more was one entry into a $5,000 quarterly drawing to reduce existing debt.