The top cause of financial stress for Oregonians is paying debt, according to a new, nationwide survey by GoBankingRates. Key factors contributing to that stress in the Beaver State are credit card debt and high housing costs. Credit unions can help, because they offer better interest rates on credit cards, loans, and savings accounts than most banks. For example, Oregon credit union members saved a collective $31 million in credit card interest rates last year vs. what they would have been charged by banks. Credit unions charged 5.63% lower interest rates than banks on classic credit cards. Oregon’s credit unions also generally offer better interest rates on 15 and 30-year mortgages and home equity loans.* Most credit unions also provide free financial counseling to help you manage your money. How is all of this possible? Credit unions are not-for-profit cooperatives, owned by their members. With no stockholders to pay, earnings are reinvested in the members. Find out more about credit union membership by visiting http://www.asmarterchoice.org. The GoBankingRates survey on financial stress can be found here: https://www.gobankingrates.com/personal-finance/financial-stress-state/ *Source: Informa Resource Services, National Credit Union Association and Credit Union National Association analysis for the year ending March 31, 2016.
