| Credit union offers shelter from credit card rate increases |
 |
 |
 |
| Written by Leslie Watson |
|
By Georgia Florida United Methodist Federal Credit Union Staff
Customers who have credit cards from any of the major credit card issuers might notice a sharp increase in their interest rate and fees within the next few months. That warning was issued by Keystone United Methodist Federal Credit Union, which serves United Methodists in the Western Pennsylvania Conference, and was echoed by the Georgia Florida United Methodist Federal Credit Union. As credit card companies race to beat the deadline for new regulation that will go into effect in February as result of the Credit Card Accountability, Responsibility and Disclosure Act (CARD), credit card issuers have been raising interest rates dramatically. A study by the Pew Charitable Trusts’ Safe Credit Cards Project shows interest rates on credit cards rose by an average of 23 percent from December 2008 to July 2009. “We’re very concerned about our members,” said Keith Pritchard, chief executive officer of the Georgia Florida United Methodist Federal Credit Union. “These rate increases can cause some serious financial hardships at a time when many people are struggling just to make ends meet.” The Georgia Florida United Methodist Federal Credit Union wants Florida United Methodists to be aware that they are eligible for membership in the credit union. It, like most credit unions, has lower interest rates, lower fees and less punitive policies for credit cards. Membership in the credit union is open to every United Methodist in the Florida Conference, as well as North and South Georgia. “We’ve never practiced at-will policy change,” Pritchard said, “and we don’t intend to start now.” Individuals who are concerned about their credit card or would like to change to the credit union’s credit card program, man contact the Georgia Florida United Methodist Federal Credit Union at 770-565-3794 or 800-282-9368 or visit http://www.unitedmethodistcu.com |
