"Move Your Money" and save more of it!

In the latest update from the “Move Your Money” campaign, we heard from Jamie Chase with the American Debt Relief Challenge.  Her recent entry on the Huffington Post’s website focused on the amount of money that American consumers can save when they move their money out of the big banks and into credit unions.

The American Debt Relief Challenge helps credit unions and consumer work together to reduce their debt by making it easier for them to open credit union accounts and transfer their credit card debt into a more friendly loan with better rates.  According to Jamie, some families who have made this switch save close to $200 a month in interest rates alone.  That’s money that was going to fees, not helping them chip away at their principal.  Overall, ADR Challenge has helped people save $20 million in potential interest fees by helping them move their money into more secure and more consumer friendly loans through local credit unions, and they’re still going strong.

For more information about the American Debt Relief Challenge, click here.  For more information about the “Move Your Money” campaign, click here.

(Photo: Marco Arment)