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CU System
Florida newspaper notes growing movement toward CUs
FORT LAUDERDALE, Fla. (4/17/09)--The South Florida Sun-Sentinel noted “a growing movement towards banking with your local credit union” in a Wednesday article about managing credit card debt. When looking out for their financial needs, consumers are turning more to credit unions because they save consumers money, the newspaper said. The savings come through credit cards with lower interest rates. Credit unions’ not-for-profit nature allows them to offer lower rates on cards, which allows consumers to pay back their balances quicker and get out of debt faster--making the cost of credit less expensive, the paper adds. Melina Young and Jamie Chase, co-owners of Credit Union Strategic Planning--set out to see how credit unions nationwide were saving consumers money with balance transfer programs, the paper said. Young and Chase, along with friend Scott Butterfield--a member of the Paragon Group, a planning consultancy that advises credit unions--noted that credit union members were saving an average of $200 monthly by transferring their credit card debt from a big bank to a credit union, the paper said. “I’m really passionate about this,” Chase told the paper. “It’s credit unions helping people to help themselves in desperate times. It’s our chance to do something to make a difference right now, to make life better for our members and neighbors.”
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