Credit Unions

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Credit cards let you make purchases now and pay for them later while helping you build credit. Sounds great, right? It can be, but credit cards also come with the risk of debt with high interest. Learn how to use them responsibly.

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Understanding Credit Unions

Banking isn't just for banks — another type of financial institution that millions of people use every day is called a credit union. Credit unions operate like banks, with a few key differences that might make a credit union your perfect option.

A credit union is a not-for-profit, financial collective; members of credit unions are also considered part owners. Rather than operating with the goal of making a profit and providing value to shareholders — which are banks’ primary objectives — credit unions make their members the top priority.

Every credit union seeks to benefit a particular group of people or organization. There are credit unions for teachers, military personnel, residents of specific cities and more. However, that means that to join a credit union, you must qualify under its field of membership.