Debbie, the first rewards app for savings and debt payoff, is excited to announce their partnership with Community Financial Credit Union (CFCU), an 84,000 member and $1.6bn AUM credit union. With this partnership, Debbie will be able to offer all residents in the state of Michigan cash rewards for meeting their financial goals, sponsored by CFCU.
Leveraging Rewards to Help Young Americans Achieve Financial Health
Debbie, a tech startup based in New York and Miami, has created the first app to offer consumers cash rewards for making their payments on time, as well as meeting their savings and debt payoff goals. The app uses behavioral psychology and positive reinforcement to help people improve their finances sustainably, rather than offering a quick fix to financial hardship. The company is partnering with Community Financial Credit Union, headquartered in Plymouth, MI, to offer all Michigan residents cash rewards for reaching their financial goals.
“Debbie is not just an app; it's a financial ally that builds a bridge to people’s impossible dreams by elevating the importance of saving and reducing debt. Our partnership marks a significant step forward in our endeavor to equip Michiganders with epic tools for financial empowerment. By integrating Debbie’s innovative rewards system with our financial education initiatives, we are setting a new standard for financial wellness, helping our members build a foundation for the future they imagine.”
-Tansley Stearns, President and CEO of Community Financial CU
Using a Noom-style approach, Debbie has been able to show 3x improved debt payoff outcomes, as well as an average of $100 saved per month per user.
Debt is at a record high
According to the Federal Reserve, credit card debt is now at a record high of over $1.1 trillion, with the personal savings rate at a record low. In addition, per the CFPB (Consumer Financial Protection Bureau), Buy Now Pay Later debt ballooned over 1000% over the pandemic. All of this is driven by a combination of an overheated market, inflation, and new and easy ways to spend money. Financial institutions have seen this problem impact their members, leading to lower savings rates, deposits and overall financial health. Debbie found that more than 50% of borrowers rebound back to credit card debt within 12 months of using traditional debt payoff products like balance transfer and debt consolidation. That’s why Debbie built a behavior change rewards program that offers long term strategies to help members stay motivated and engaged during and beyond their debt payoff journey.
Financial products with bonus rewards
In addition to higher balances, consumers today are facing high interest rates relative to the recent past. As a result, Debbie’s partnership with Community Financial Credit Union will expand access to competitively-priced savings and debt refinance offers (such as CFCU’s current 14% APY High Yield Savings Account), with built-in rewards bonuses for saving.
Who is Debbie?
Debbie was founded by people who were tired of struggling with the vicious debt cycle and built a category-transforming rewards platform. Debbie uses behavioral psychology and positive reinforcement to help people improve their finances sustainably. The company has raised over $2.5m from venture capital investors such as One Way VC, TA Ventures, BDMI, Trustage, MSUFCU and others. The company was founded in 2021 and based in Miami, FL. For any inquiries you can reach us at [email protected]/partners
About Community Financial Credit Union
Community Financial is a full-service financial institution headquartered in Plymouth, Michigan since 1951. With more than 84,000 members and $1.6 billion in assets, membership is open to any person or any business in the state of Michigan. Community Financial is deeply rooted in the communities it serves, offering programs and partnerships like student-run credit unions, an obstacle-free path to homeownership, and more. To learn more about Community Financial and why on earth there's a bear on the logo, visit cfcu.org
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