Debbie, the first rewards app for savings and debt payoff, is excited to announce their partnership with ELGA Credit Union, a 97k member and $1.5bn AUM credit union. With this partnership, ELGA Credit Union will be offering its members cash rewards for setting and reaching their financial goals.
Leveraging Rewards to Help Young Americans Achieve Financial Health
ELGA Credit Union, headquartered in Grand Blanc, MI, is a low-income designated credit union focused on improving the financial wellbeing of its members and surrounding community. As part of its mission to improve financial wellbeing, ELGA CU chose to partner with Debbie to offer its members rewards for reaching their money goals.
Debbie, a tech startup based in New York and Miami, has created the first app to offer consumers cash rewards for making their payments on time, as well as meeting their savings and debt payoff goals. The app uses behavioral psychology and positive reinforcement to help people improve their finances sustainably, rather than offering a quick fix to financial hardship.
“At ELGA Credit Union, we're committed to finding innovative partners who can help our members with their financial journeys. Debbie has come up with a unique approach to motivate people to achieve a better financial future. Through this collaboration, we will be able to reward our members for responsible financial behavior, such as making timely debt payments and reaching savings goals. We're dedicated to empowering our members to achieve their financial aspirations, and we're excited to offer this innovative and rewarding experience to our valued members.”
-Zach Eychaner, VP of Digital Experience
Debbie has been able to show 3x improved debt payoff outcomes, as well as an average of $100 saved per month per user.
Debt is at a record high
According to the Federal Reserve, credit card debt is now at a record high of over $1.3 trillion, with the personal savings rate at a record low. In addition, per the CFPB (Consumer Financial Protection Bureau), Buy Now Pay Later debt ballooned over 1000% over the pandemic. All of this is driven by a combination of an overheated market, inflation, and new and easy ways to spend money. Financial institutions have seen this problem impact their members, leading to lower savings rates, deposits and overall financial health. Debbie found that more than 50% of borrowers rebound back to credit card debt within 12 months of using traditional debt payoff products like balance transfer and debt consolidation. That’s why Debbie built a behavior change rewards program that offers long term strategies to help members stay motivated and engaged during and beyond their debt payoff journey.
Financial products with bonus rewards
In addition to higher balances, consumers today are facing high interest rates relative to the recent past. As a result, Debbie’s partnership with ELGA Credit Union will expand access to competitively-priced savings and debt refinance offers (such as ELGA’s current 6.17% APY High Yield Checking Account), with built-in rewards bonuses for saving.
Who is Debbie?
Debbie was founded by people who were tired of struggling with the vicious debt cycle and built a category-transforming rewards platform. Debbie uses behavioral psychology and positive reinforcement to help people improve their finances sustainably. The company has raised over $2.5m from venture capital investors such as One Way VC, TA Ventures, BDMI, Trustage, MSUFCU and others. The company was founded in 2021 and based in Miami, FL. For any inquiries you can reach us at hello@joindebbie.com.
About ELGA Credit Union
Serving members since 1951, ELGA Credit Union is a not-for-profit cooperative; formed, owned and operated with a single purpose: People Helping People. Simply put, anyone who lives, works, worships, volunteers, or attends school in the State of Michigan is eligible to join. To learn more about ELGA Credit Union, visit www.ELGACU.com.
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