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MADISON, Wis. (7/29/10)--Credit unions can benefit college students, consumers seeking credit cards, and kids looking to learn financial lessons, according to articles in the Huffington Post, Consumer Reports and Black Enterprise magazine, respectively. Credit unions can help ensure that college students get a good deal when they look for credit cards, according to a Tuesday article in the Huffington Post titled “The Lifeline for College Students: Credit Unions,” by Scott Gamm, founder of HelpSaveMyDollars.com. “If you see credit card companies on your campus, stay away,” Gamm wrote. “Most colleges have their own credit union, which offers credit cards to students at much lower interest rates than the ones available at a marketing booth from a credit card company. As an incoming college student at New York University’s (NYU) Stern School of Business, the credit union I use, the NYU FCU, offers a credit card to NYU students with an interest rate of about 7%--much better than 25% at a regular bank. “Another benefit at credit unions is limited fees,” he added. “For-profit banks generate tens of billions of dollars from charging consumers high annual fees.” The October issue of Consumer Reports, which will go on sale Sept. 2, analyzed hundreds of credit cards in a an article titled “Best and Worst Credit Cards, According to Consumer Reports.” “Consumers should select the right card for the type of borrower they are,” the magazine said. “Consumer Reports also found that smaller issuers including credit unions and community banks, are worth checking out for various interest-free offers,” said the article. The Credit Union National Association’s Thrive by Five program--which teaches preschoolers about spending and saving--is listed as a resource in Black Enterprise magazine’s article on communicating financial lesson to kids, titled “Teach Them Well.” To read the articles, use the links.
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