Credit unions are one of 10 memberships “worth the money” for consumers and, furthermore, could be the membership consumers “can’t afford not to join,” according to an article on AOL’s WalletPop.com.
“If it looks like a bank, and acts like a bank, but it’s actually a non-profit organization owned by the people who have accounts there — it’s a credit union,” states the article.
Today more than 90 million Americans are members of credit unions. Since the focus of a credit union is to make the best deals for their members — not the most profit for their shareholders, the article suggests that credit unions are worth considering.
In writing about financial safeguarding, financial guru Suze Orman acknowledged that many people have debt on credit cards and spoke in favor of the rates charged by credit unions in Suze Orman: You Have to Save Yourself (February 2010), “What I want all of you to do is go to creditcardconnection.org and find a good credit union near you,” Orman wrote. “Anybody can join a credit union… [and] get a credit union credit card.”
It’s interesting to note that by law, Massachusetts chartered credit unions cannot charge consumers more than an 18% interest rate. This compares very favorably to the rates charged by many out-of-state banks.
WalletPop also referred readers to the Credit Union National Association’s credit union locator tool on its website.
Metro Credit Union membership is open to anyone who lives, works or has a place of business in Essex, Middlesex, Suffolk, Norfolk, Plymouth, Barnstable or Worcester counties in Massachusetts.