When 80 members made a goal in 2008 to collectively pay down more than $1 million in debt, TopLine Federal Credit Union was there to help.
The $320 million credit union in Maple Grove, Minn., enlisted LSS Financial Counseling, a state nonprofit that provides access to free financial education services to help people better control their personal finances, according to TopLine. The members received personal financial coaching and debt management plans through LSS.
In total, the 80 members paid down $1,159,065.73 in debt, TopLine said.
“Money problems can happen to anyone, but ignoring financial problems won't make them go away. It's essential to develop an approach to stay on top of money planning,” said Harry Carter, TopLine president/CEO.
Each TopLine member and family is allotted six free confidential financial education counseling sessions from LSS annually, which may be conducted by phone, in-person or online. TopLine said it has also hosted nearly 20 in-branch education sessions with LSS for its members.
“In an era where so many people find themselves trapped by debt settlement scams or can't find a way out of debt traps, TopLine has provided a resource with real solutions for debt,” said Darryl Dahlheimer, program director for LSS. “Its members have shown that great results can happen -- with a little help.”
TopLine, which signed on with LSS in 2008, serves nearly 39,000 members.