Becoming financially independent from your parents is what every young adult strives for. Such responsibility can become a burden if taken lightly. Luckily there are institutions such as credit unions that offer services to young adults to help them stay on the right path when it comes to their finances and invest in their future.
Credit unions share some commonalities with banks but differ in its clientele. A bank has investors they must appease and credit unions have members they serve. A credit union is run by the same members that bank there.
Being a member of a credit union can offer you some perks, such as lower interest rates on credit cards and loans. The Credit Union National Association (CUNA) claims that close to 90 million Americans across the country belong to a credit union.
Credit cards are among one of the most popular commodities that typically introduce young adults to financial responsibility. Some credit cards have very high interest rates. Credit unions are able to offer their members credit cards with lower interest rates and lower fees.
Young adults do no always qualify for a personal loan, especially without a cosigner. A credit union may be able to offer these young people personal loans that are more affordable and offer different options for their members.
Credit unions are unlike its counterparts in that they don’t charge outrageous fees, saving its young members much needed money. Credit unions are similar to banks in that it does offer its members financial security by being insured by the NCUA.
A credit union is a small financial institution and offers its members a personal experience. The many advantages and their competitive banking options make them a perfect match for a young adult who is seeking financial independence and hopes to build a solid financial future.
For more information about credit unions or are interested in becoming a member, contact the Valley’s first choice for credit unions, Valley Federal Credit Union at their Brownsville location by calling (956) 546-3108.