TINTON FALLS, N.J. (8/30/12)--United Teletech Financial (UTF) FCU's Million Dollar Community Challenge (MDCC) has surpassed the half-way mark to its $1 million interest savings goal.
The Tinton Falls, N.J.-based credit union hopes to save community members $1 million in interest expense this summer. The program, which runs through Sept. 29, has saved more than $644,000 so far, according to the New Jersey Credit Union League (The Daily Exchange Aug. 29).
Since the inaugural MDCC in 2011, community members have saved more than $2.5 million in interest expense. This year, more than 125 members participated in the challenge.
The program allows members to save in two ways: the TimeShifter Mortgage loan and the Cut The Card personal loan. The TimeShifter mortgage can reduce mortgage terms, potentially saving the consumer thousands in interest expense. The Cut the Card loan helps individuals consolidate personal or credit card debt at a lower interest rate than offered by many card companies. Its fixed-rate payment plan lowers interest while increasing cash flow.
Also, once the $1 million milestone is reached, UTF will made donations to four local charities. Donations will be based on the percentage of total interest saved, and members can select which charity receives the donation once the loan is closed. The public also can vote for a People's Choice winner online at JerseySaves.org. The charity receiving the most votes will receive an additional $500 donation.