In 1935, when credit unions were helping Americans through the Great Depression, the treasurer of a Midwestern credit union said that credit unions were “not for profit, not for charity, but for service,” and that philosophy still holds true today. Many people find themselves having to make hard decisions as they try and consider how to balance the demands of reality with the hopes of future prosperity.
Recently my daughter and I were talking about colleges she would like to attend and one of the main questions on her mind was how she was going to pay for school. I explained to her that she would be fine; as we had set up systematic savings plan for her college from the time she was very young.
Giving that the unemployment rate is at 10 percent and most economists say it could take until at least 2015 for it to return to more normal levels, my daughter and I can’t be the only two people who have sat at the dinner table and wondered how we were going to accomplish our future goals.
In today’s challenging times more and more people are looking to make the most of the funds they have. That’s where being a member of a credit union has made a difference, as there’s an alternative to getting socked with fees, or tripped by hidden penalties.
Have a credit card with a large bank? Looked at your credit card rate lately? Some banks are charting interest rates around 20 percent on their credit card while others have gone as high as 30 percent.
According to a recent article I read, the nation’s 90 million credit union members save around $8 billion a year thanks to better interest rates and reduced fees from credit unions. Now that is real economic stimulus.
About the Author: Rik Kielbasa is the vice president of Truliant’s Member Contact Center, which employees 76 people from the communities in which we serve.
