At this week’s GAC, NCUA Board Member Rodney Hood mentioined a new idea for credit unions called the American Debt Relief Challenge. He graciously credited Filene for this unique idea; however, this concept is only marginally related to us.
For those interested in learning more about this unique idea, navigate here. This collaboration is the brainchild of Jamie Chase, Code Green, Paragon Consulting Group and, recently, your very own Filene Research Fellow, Professor Bob Manning.
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Thank you George! We are both excited by the opportunity to work with Filene Research Fellow, Professor Bob Manning and honored by Vice Chairman Hood’s gracious connection of The American Debt Relief Challenge to Filene.
By cultivating innovation in the credit union movement Filene is to be thanked for this idea and so much more.
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The driving force behind ADRC, thousands of stories like this:
Mary of Pennsylvania Furnace PA (03/02/09) With no reason or warning, Capital One raised our default rate from 8.9% to 29.4%. We have spotless credit, never miss a payment, make more than the minimum payment each month, and keep a small balance on the card. We have had this card for at least 8 years. Six months ago, the called me and lowered my rate to 5.99% to entice me to use the care more and now this. What a rip off. This kind of practice should be illegal. This is why our economy is in a shambles. Honest people continually being abused by corporations.
Since I have no other credit card, I need to either get a new one that won’t charge me almost 30% or have no ability to do all the things you do with a credit card, like shop on-line, make a hotel reservation or have it for an emergency. I can’t afford to use this card if I can’t pay it off each month.
Scott The Paragon Consulting Group
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