Get Thee to a Credit Union

I've gotten so frustrated listening to news stories about banks jacking up interest rates on even their good credit card customers. Even though they got a lot of free money from taxpayers, it's still not enough. Apparently they are trying to get a jump on customers and on legislation that will regulate how they can raise interest rates, and while they can, they're raping their current customers.

This is serious stuff. Banks these days are making tons of profits. They won't let that go willingly and they're desperate. That's why when I hear these stories, I get so frustrated. Hasn't anyone ever heard of a credit union? My mom was a state employee and belonged to the massive state employees' credit union. So I am familiar with credit unions from an early age. To me, they are common. Maybe not to others.

I am certain that the answer to letting the banks pillage you is to give your business to a reputable credit union. I don't hear in the news about credit unions jacking their members, just banks jacking their customers. Note that I said "members" for credit unions, not customers. Therein lays the main and most important difference between a bank and credit union.

Imagine my delight, when I went seeking data to support my opinion, to find it all waiting for me. Someone had actually written a long report on credit unions generally. What caught my eye was their article on credit unions and credit cards; it validated my beliefs. On all important measures, getting your credit cards from a credit union is a no-brainer decision. Interest rates are dramatically lower, penalties are lower, and customer service is better. Since this article was written, credit unions make even more sense.

One area of improvement is in services. Most major credit unions today offer online bill paying and home mortgages, car loans to home equity loans. So stop being a victim. Even though traditionally it was difficult to join a credit union, it's easier than ever to find a credit union.

I strongly encourage joining a credit union and giving them your business. Why support predatory and dishonest behavior in banks even now. Show them how the free market works; take your money elsewhere.