Mike Lee has an interesting take on debt for a credit union CEO.
“It’s not ok,” says Lee president/CEO of KCT Credit Union in Elgin, Ill. “It’s money you’re throwing away.”
His rationale: “If I get you out of debt, you’ll tell 10 people. There’s plenty of debt for us to make income. What’s amazing about this approach is that it’s contagious.”
KCT goes the extra mile to reduce members’ debt burden. Among its offerings is the GOOD (get out of debt) Loan, a low-rate, three-year unsecured loan designed to attack credit card debt.
The $250 million asset credit union also conducts “debt check-ups,” where it reviews members’ loans to see how it can save them money.
“Ninety-nine percent of the time we save them money,” Lee says. “People work hard in life. They should use their money the best way they can.”
In this episode of the CUNA News Podcast, conducted during the 2019 CUNA Governmental Affairs Conference, Lee addresses KCT’s community service and financial literacy efforts, its focus on select employee groups, and how it puts members’ needs first.
Credit Union Magazine’s Fall 2022 issue highlights credit unions’ role in cryptocurrency, the state of digital assets, cannabis banking compliance, the human side of technology implementation, and involving the board in financial discussions.
