Credit Union CC's

[Anonymous]

It appears to me that Credit Unions are more generous in giving out cc's and especially cc's with higher limits. How are they escaping the current financial crisis?

[Anonymous]

Credit unions differ from other banks in several ways:

Credit Unions

Not-for-profit cooperatives

Operated by mostly volunteer boards

Owned by members

Other Financial Institutions

Owned by outside stockholders

Owned by outside stockholders

Controlled by paid boards

When something is for profit, and controlled by paid boards, and stockholders, greed is involved.  Greed before a recession can lead to disaster.

Message Edited by fender on 01-28-2009 10:17 AM

[Anonymous]

I thought, "Greed is good" - Gordon Gekko    LMAO

Don't credit unions take some risks though by giving out such high limits on cc's?

[Anonymous]

Indeed they are exposed to risk, but credit cards arent that risky, after all you can sue and get your money back! 

They big reason banks are failing and credit unions arent, is because credit unions weren’t doing things like, financing speculative real estate in South Florida which is at most risk and have caused the biggest losses for banks like Lehman Brothers.  Credit unions instead were finanacing home equity loans in that region and making millions.

It all comes down to greed, banks are all about taking big risks, credit unions just want happy members.

[Anonymous]

Excellent, I think I am going to join one. I would rather be a happy member than a pi$$ed off customer.

[Anonymous]

Easy choice huh! 

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@Anonymous wrote:
Excellent, I think I am going to join one. I would rather be a happy member than a pi$$ed off customer.

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[FretlessMayhem]

I still blame the sub-prime mortgage era for most of the problems with the major banks. NFCU never wrote a sub-prime mortgage, and they aren't having problems and begging for a bailout.