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Louisiana CUs partner with REAL Solutions
HARAHAN, La. (1/30/08)--Louisiana credit unions have signed on to a REAL Solutions program to help low-income consumers who have not been able to save or own assets. The program is funded by the National Credit Union Foundation (NCUF). The NCUF and the Louisiana Credit Union League will train credit unions to provide services that low-wealth families can afford. “We are seeing credit unions across the country rescue borrowers who had fallen into the trap of revolving debt at payday lenders who they could not pay off,” said REAL Solutions National Program Director Lois Kitsch. The program also aims to help low-wealth consumers become credit union members, grow savings and accumulate assets. “REAL Solutions is designed to help credit unions effectively reach low-wealth families and make each person a loyal, long-term member,” said NCUF Executive Director Steve Delfin. “This is important because low-wealth families, while at the bottom of the economic pyramid, represent future savers, future car buyers, future homeowners and future generations of credit union members.” The partner credit unions held their first meeting in Baton Rouge and decided to work on three products: a payday loan alternative, services for young adults and a reloadable value debit card. “We will follow the same format that has worked so well in other states when rolling out REAL Solutions,” said Vicki Joyal, field coach and liaison between NCUF and the credit unions. “By combining our resources with the league, Louisiana credit unions and their members will benefit from our shared experiences across the country.”
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