Using an internally developed software tool, the $3.1 billionMountain America Credit Union of West Jordan, Utah, said it hashelped members save nearly $7 million by converting theirhigh-interest debt into low-interest loans.
|The tool, named Value Analyzer, was used at Mountain Americabranches from April to July to show members how much money theycould save through low-interest refinancing or consolidatingloans.
|For example, one couple inquired about refinancing theirmortgage and an RV loan from another local financialinstitution. Using the Value Analyzer, the credit unionshowed the couple that they could save nearly $60,000 in interestpayments by refinancing the loans with a lower interest rate andpay off the debt faster, according to Mountain America.
|“The Value Analyzer was developed to show our members what theycan accomplish when they take advantage of the current low-interestrate environment, as most people don't realize how quick and easyit can be,” said Jason Rogers, Mountain America's senior vice president ofbranch administration.
|“The Value Analyzer can quickly demonstrate the value ofrefinancing the higher interest loans that our members may havewith other institutions. It continues to help thousands of membersmake sound financial decisions,” Rogers said.
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