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Members of Houston Texas Fire Fighters FCU have happily gone on diets. Members turned to the CU to borrow some $2.5 million during the two-and-a-half-week "Debt Diet" promotion to pay off outside loans, according to Tom Rowlands, VP of lending.
The June promotion that offered up to $25,000 with a five-year term at 8.9% APR was designed to "fight bill obesity," Rowlands said. But, as a bonus, it also attracted new members. "One of the things we noticed was that more people came in and joined the credit union just to get the loan," he said. "Some also brought over their car loans and opened checking accounts and some went out...