Financial literacy empowers people to prepare for the future, yet many adults need additional assistance to eliminate debt and overcome other financial stressors. That’s why Banzai is proud to partner with GreenPath, a nonprofit provider of financial counseling and debt management services.
Who Is GreenPath?
GreenPath has about 500 employees across 40 locations. Since 1961, they have been successfully empowering people to regain financial health. They are creating a culture of financial education through people-centered services and creative partnerships with hundreds of organizations across industries. In short, their mission is our mission.
GreenPath works to sharpen clients’ financial skills and help them make informed financial decisions. GreenPath utilizes strong relationships with creditors to help people repay debt at lower interest rates. Lenders love GreenPath because they know they help people make positive, sustainable behavior changes that lead to improved credit and financial health.
We are partnering with GreenPath so financial institutions can relieve the pressures experienced by many of their customers. We are also jointly representing our platforms to financial institutions.
Lenders love GreenPath because they know they help people make positive, sustainable behavior changes that lead to improved credit and financial health.
For instance, GreenPath also offers solutions for financial institutions, such as loan denial and delinquency services, CRA support, financial education workshops, and employer programs. We encourage Banzai sponsors to explore these options to supplement our services.
What GreenPath Does
GreenPath experts engage with people one on one to find a path to financial wellness. When someone calls in for the first time, he or she will often feel confused and embarrassed. “You are not alone, it’s not your fault, and it’s going to be okay,” the financial wellness expert will say. For people in this high-stress situation, those words are important to hear. GreenPath has made the debt counseling process very empathetic and nonjudgmental to take the sting out of confronting such a hard obstacle.
GreenPath financial wellness experts have three goals in that first call:
- Understand the person’s needs and actual financial situation;
- Identify the options available to the caller, considering the pros and cons of each; and
- Establish realistic goals and next steps. If debt management is the right solution, calculate a debt pay-off date.
Financial wellness experts create an action plan based on individual expenses, income, and debts. In the process, clients will sometimes remember other financial dilemmas and expenses they had forgotten. The process is thorough, delving into every avenue of clients’ finances.
GreenPath helps customers do the right things, the things they’ve struggled to do on their own. Credit card companies often agree to lower interest rates, waive penalty fees, and stop collection activity for people on a GreenPath debt management program (DMP). GreenPath actively manages DMPs for about 45,000 people at a very affordable price. Last year, they repaid more than $200 million on behalf of their clients.
GreenPath helps customers do the right things, the things they’ve struggled to do on their own.
Financial institutions that sponsor Banzai for their service areas should be confident that Banzai will continue to develop more product offerings, creative partnerships, and take the financial literacy movement forward.