PrimeWay Federal Credit Union Helps Members Save $754K in Debt

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PrimeWay Federal Credit Union announces additional Financial Peace University class offerings.

PrimeWay Federal Credit Union is dedicated to supporting its members and identifying ways to make their lives better. This is one reason why they began offering Dave Ramsey’s Financial Peace University in association with one of their business partners—Houston Methodist Hospital—in 2009.

The ultimate goal of the program is to pay off debt and save with “gazelle intensity,” so people can live debt-free. Since the launch of the initiative, PrimeWay has held more than 15 classes with 172 participants in total. Now, over $754,000 in debt has been paid off by participants as a direct result of attending and following through with the plan’s step-by-step approach.

Mike Green, PrimeWay’s SEG development manager and coordinator of the program, shares, “The most rewarding part for me is when people who have attended the class come up and tell me how this program has changed their lives, because they now have control of their finances. Some have paid off their homes, others paid down all credit card and loan debt, and many have been able to start saving for retirement. Even more significant, in some cases, it has saved marriages and kept families together.”

Some may consider the idea that offering something such as Financial Peace University—which promotes people getting out of debt and focuses on a cash-based system vs. credit and credit cards for purchases—is counter-productive to a financial institution’s ability to increase the bottom line. However, PrimeWay’s CEO, Annette Zimmerman, has always been committed to the idea that by serving and doing the right thing for the members, earnings will come.

“It’s about creating grow-grow scenarios,” said Zimmerman. “When you do the right thing, repeat business and referrals follow, because people remember when they’re treated well, and with compassion and integrity. Serving the members has to be the first priority.”

PrimeWay plans to offer additional rounds of Financial Peace University over the next year.

About the company:
Since 1937, PrimeWay has been serving the greater Houston metro-plex area, including Washington, Fort Bend and most of Harris county. As a member-friendly credit union, PrimeWay has a dynamic team committed to serving the needs of all their members. With a value statement representing compassion, accountability, real value, integrity, new ideas and guidance, PrimeWay leads the way in member service and putting families first. The credit union takes a vested interest in each of their members and employees, making PrimeWay truly a place where people love to work and to do business. For more information, visit PrimeWay online at https://www.primewayfcu.com.

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