For six months, Connex Credit Union will be working closely with five participants to see who can become the most fiscally fit to win a $3,000 grand prize. Each participant has been paired with a Connex Financial Advocate who will offer real-world, practical advice on how to reduce debt, build savings, and many other helpful financial tips and advice. Connex received over 100 applications for the fourth annual ConneXfactor competition! Below is our update on Deborah F.
Deborah F.: The Big Payoff!
Coach: Michael Federico, North Haven Assistant Branch Manager
Deb has had a hot start to the 2017 Connexfactor competition! Her goals for the competition include consolidating credit card debt, save more for retirement and save for emergencies.
This month we successfully consolidated her credit cards by paying them off through a personal loan at 8.99%. She is saving significantly on interest and payments, compared to what she was paying before. One of Deb’s goals is to pay down the principle on the signature loan by $500 throughout the course of the competition. Consolidating her credit cards has allowed Deb to allocate more of her paycheck to her sub-savings account and 401k plan. In the upcoming month, we will be refinancing Deb’s auto loan through Nissan Motor Acceptance Corporation to lower her payment and interest rate. Again, this will allow her to allocate more towards her savings account and contribute to her 401k.
Watch out – Deb is determined to win!
Are you looking for a better way to pay off debt? Join our ConneXfactor contestants and let our Financial Advocates work with you to create a financial plan to help you stay on track! Stop by any branch or get started online today!