Compare Banks and Credit Unions to Make the Most of Your Money
As banks pile on the account fees and other inconveniences, customers are starting to shop around. But to get the best banking bang for your buck, you need to be able to weigh all the options - and that means including credit unions.
Consumers often overlook credit unions because they assume they won't qualify for membership, according to Chicago bankruptcy attorneys. But many unions have been opening their doors to the general public, meaning you might be eligible for their notoriously lower rate credit cards and car loans. Hey, when you're struggling to manage bills and debt, a more affordable interest rate goes a long way.
Credit unions originated to provide financial services to customers big banks didn't want - working class folks who couldn't afford expensive loans, for instance. Because credit unions' nonprofit status grants them a government tax break, they can afford to give you savings that regular banks just can't match.
While once upon a time credit unions were strict about who could join, today it's pretty simple to meet the "common bond" requirements for membership - you must either live within the same community, perform the same type of job or, in some cases, simply pay a fee to become part of an association with a credit union membership.
Not sure that a credit union is the way to go? Take a look at online banks, which are known to offer higher interest checking accounts and significantly less fees than regular institutions.
The point is, you need to take savings opportunities where you can get them. If you're struggling to pay the bills, you can't afford to lose money to pointless penalties like account maintenance fees, minimum balance violations, transfer fees and other costs. Of course, the fastest way to free up money on all financial fronts is often to lower debt through bankruptcy. If you're not having luck managing your debt alone, bankruptcy could be just the push you need. Find out more for free when you try a complimentary personal debt analysis with one of our Chicago bankruptcy lawyers.