Using credit wisely by finding the lowest interest rates on credit and the highest interest rates on savings. Credit Unions may be the answer.

Banks versus Credit Unions

Credit unions may be an attractive alternative to Banks. They generally have lower loan rates and tend to pay higher interest on savings. Why? They are non-profit organization whose goal it is to help members. Banks on the other hand are decidedly for-profit entities. They use your money to make money. That said, intrest charges and interest paid on savings can change from day to day. Check out offers from local banks and local credit unions. Some credit unions require members to belong to certain organizations while others are more relaxed about who can join. Check you phone book or do an online search for credit unions in your area then check to see who offers the best rates.

Credit - Why do I Care?

Credit is your ability to use someone else’s money to acquire items or services you don’t currently have the cash to pay for. You should care because for most of us, it’s how we acquire major items like cars and homes, as well as everyday things that make life easier and more pleasant.

In the early 1900s very little credit was available and people used it very carefully. Today, everybody has it and it seems the more you have and use the better. Some of these quotes are pretty revealing about today's attitudes about credit.

“Anyone who lives within their means suffers from a lack of imagination.” Oscar Wilde
“You should always live within your income, even if you have to borrow to do so.” Josh Billings
“It’s amazing how fast later comes when you buy now!”
Milton Berle.

You really should care because without it you'd have to spend only the cash you actually have. That's not a bad practice but you might find yourself riding a bike to work.