S1 E5: The 40% Problem: An Insider’s Guide to Escaping the Debt Trap (Thomas Feindt, Grow Financial)

What if your bank could make a real difference in your community?

With 40% of American families and young people struggling to make ends meet, Thomas Feindt, CEO of Grow Financial Federal Credit Union, shares how the not-for-profit banking model is focused on breaking cycles of poverty and creating lasting change. Drawing on 25 years of experience in the credit union industry, he explains how Grow Financial is meeting this critical need. Join host Jennie Treby in the latest Think Bigger Voices episode as she sits down with Feindt to explore how credit unions are transforming financial inclusion and uplifting communities.

Listen in as they discuss:

• How not-for-profit models enable credit unions to focus on members over profits, with interest rates capped at 18%.
• The importance of financial literacy in helping kids and young adults navigate milestones like first car and first home purchases.
• Insights into America’s debt crisis, including generational challenges and the pitfalls of “buy now, pay later.”
• Grow’s efforts to open branches in underserved areas and collaborate with nonprofits in the Tampa Bay community.
• Understanding the ALICE (asset-limited, income-constrained, employed) population and how credit unions foster hope and financial stability.

Tune in to discover how credit unions like Grow Financial are reshaping banking for a stronger, more inclusive future where America’s youth have the opportunity to thrive.

Links:

Grow Financial Federal Credit Union – https://www.growfinancial.org/

Think Big for Kids – https://thinkbigforkids.org/

About Host Jennie Treby