SECU's new card payment option helps reduce debt faster
RALEIGH, N.C. (9/22/06)--For credit union members who want to tackle their credit card debt head on, State Employees' CU added a new payment option to its credit card program.
The option allows members to select a different fixed percentage amount for their minimum payment--anywhere from 4% to 6% of the card balance. This is an increase over the minimum payment default amount of 3% of the card balance.
The $13.1 billion asset credit union made the change to accommodate members who want to more aggressively reduce their credit card debt.
State Employees' CU also offers an auto-pay option from any account to cover the minimum credit card payment.
"Giving members the option to aggressively reduce their credit card debt is just one example" of how the Raleigh, N.C., credit union provides tools to help members make good financial choices, said Leigh Brady, senior vice president of education services.
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