Debbie Launches Debt Payoff Rewards with MSUFCU

Ben Maxim

Debbie, the rewards platform for debt payoff, is excited to announce their partnership with MSU Federal Credit Union (MSUFCU), the world’s largest university-based credit union.

Leveraging Rewards to Help Members Achieve Financial Health
Debbie, a tech startup based in Miami, offers a rewards platform for debt payoff that uses behavioral psychology and positive reinforcement to help people improve their finances sustainably. The company is partnering with MSUFCU to offer members rewards for paying off their debt and saving, as well as helping average Americans access lower rates on their credit card debt.

“At The Lab at MSUFCU, we’re always looking for new technologies to help our members achieve financial security," says -Ben Maxim, MSUFCU’s Chief Digital Strategy and Innovation Officer. "By partnering with Debbie, we’re able to offer our members a new tool to support their financial goals and pay off debt. By using the Debbie app, our members can celebrate their debt payoff by getting rewarded and achieving financial security."

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.

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​Debt is at a record high
According to the Federal Reserve, consumer debt rebounded post-pandemic to a record high of $16.9 trillion. Credit card debt stands at almost $1 trillion in balances, and 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. When using traditional debt payoff products, Debbie has found that most borrowers rebound to the same level of credit card debt. Debbie offers guidance and long-term strategies along the debt payoff journey to help keep users motivated and engaged.

Coming soon: refi with built-in rewards
In addition to higher balances, consumers today are facing high interest rates relative to the recent past. As a result, Debbie is partnering with credit unions to launch a unique loan refinance marketplace that offers consumers competitively-priced offers with built-in rewards, while connecting consumer-aligned credit unions with Debbie’s ~20k user network of motivated Millennial and Gen-Z users.