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UW CU pilots Filenes Debt in Focus education tool
MADISON, Wis. (7/15/09)--UW CU in Madison, Wis., announced the addition of a new tool called “Debt in Focus” to its website, uwcu.org. Debt in Focus is a free, anonymous Web-based debt education tool to help consumers with budgeting and personal finances. It was created by the Filene Research Institute to help people better understand their financial situations. UW CU is among the first group of institutions to pilot Debt in Focus, which will eventually be made available to credit unions nationwide, said the credit union. UW CU members and any interested consumers can use Debt in Focus and provide feedback regarding its usability and effectiveness. “Now more than ever, people are taking a critical look at their finances and spending habits,” said Mike Long, chief credit officer at UW CU. “We are offering this tool free so people can take the first steps toward understanding their own financial situation and the impact debt has on their financial health.” Users initially input information regarding their income and current debt. They receive a summary of their debt total, ratios and an estimated budget. They also are given a series of steps specific to their situation that they can take to reduce their debt or get to a better financial position, Long said. UW CU has more than $1 billion in assets.


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