NEW YORK (6/16/15)--The benefits of using credit unions to manage credit card debt was presented recently by a credit union marketer on The Huffington Post.
Dustin Jacobs, marketing manager at BrightStar CU, Sunrise, Fla., penned the post for the financial education section of the online publication (June 9).
In addition to offering general tips such as assessing total debt load and paying off cards with the lowest balance, Jacobs noted the role credit unions can play in handling credit card debt.
“If you're paying an annual fee on any of your credit cards, it's time to end your relationship with that company,” he wrote. There are many credit cards available that offer rewards and don’t charge an annual fees or balance-transfer fees--including cards from not-for-profit credit unions.
Credit unions typically offer lower interest rates on their credit cards and have fewer fees on their credit cards, such as no annual fee and no balance transfer fees.
Jacobs also suggested considering a home-equity line of credit from a credit union, a type of financing that may allow a borrower to reduce monthly payments, pay off cards with high interest rates and save money in the long run.