At a time when interest rates are very low, how is it that the interest on your credit cards are at such high rates? How is it that one late payment can boost your rate as high as 28%?

Is it a wonder that people can not seem to get out of debt? I have never been able to understand how banks and credit card industries can charge such exorbitant prices and get away with it. As a consumer, you need to read the fine print on your credit card agreements because it is a mine field of hazards to your financial health.

Besides keeping on top of your credit card accounts, it is crucial to understand there is a financial institution who is supposed to be looking out for your best interest. That entity is your local credit union. Your local credit union is the best kept secret in the financial community. It is a not-for-profit organization designed to serve its members.

While not all credit unions have credit cards, the credit unions who do have credit cards have reasonable rates and fees. Did you know that many Credit Unions offer credit cards at low interest rates? We are not talking about low introductory rates. We are talking about low rates. Some credit unions have no annual fee, no minimum finance charge, no over-limit fee, no penalty rate for late payments and same low rates for cash advances, purchases, and balance transfers.

Your local credit union is probably the best kept secret when it comes to financial tools available to you. Many persons are not aware that majority of credit unions did not participate in the subprime fiasco. They have money to lend but not the publicity to get their product out there. I encourage you research a credit union in your local area and see what types of savings they offer their members.