Credit unions are a fantastic way for people who are desperate for a short term loan but don’t have the credit rating or score to obtain one.
Credit unions are a non profit organisation, but are regulated just as any bank, whose members are the share holders, and are entitled to a summary report of the company’s progress just as any share holder.
The fantastic thing aobut credit unions, since they are not aimed at making a profit like a standard bank, any porfits made is given back to the share holders as dividends.
Credit unions usually accept membership from people located in their local area.
It works by members agreeing to save a regular amount every month, it can be as small or as large as the member wishes, and they can with draw that money whenever they want with no penalities.
Credit unions also offer loans, which is the primary reason many people join them as their loan APR (Annual Percentage Rate) is significantly lower than you would find in any bank or building society, so it is very attratice for those desperate for a loan but do not want to pay extortionate rates.
Long term members are also entitled to a loyalty advance, a kind of short term loan, again at very low interest.
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Credit card debts is one of the most difficult debts to get rid of, and is greatly emphasized to be consolidated as soon as possible.
Not only are there usage fees, but over limit fees, interest charges, and late payment fees, not to mention payments are not always paid in the order that most people assume, but are paid in such a way that your highest interest debts are cleared the last, it is no wonder credit card debts are the number one concern for many people.
As expected people who fall into this scenario find their credit rating very quickly diminishes, to the point that they are unable to obtain credit cards or any other standard loans
And are constantly stuck in a rut, where their credit rating spirals down, and their debts spirals up.
In this area it should come as no surprise that credit companies have risen that specialist in giving out credit cards to people with bad credit.
Ofocurse as to be expected the APR (annual percentage rate) of these credit cards are little higher than for people with good credit, and can go up by as much as 39.9%. People with good credit can expect an APR of about 9 – 15%. This avenue of providing people with bad credit with credit cards can obviously become very lucrative for the companies involved, and no doubt serves a need for those seeking the credit cards.
However credit cards for people with bad credit should not be seen as a means to get into more debt but should be used if you can clear the balance each month, as the APR can get pretty high.
Visit credit cards debt help, for credit cards debt and general debt consolidation.