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Money in the News: New Resource, Moving from Big Banks to Credit Unions, Debt Settlements

Resource Alert! MSN Money posts a tool for comparing your income to debt ratio.

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The Consumerist posts about how credit unions are seeing a surge in new accounts.

The Navy Federal Credit Union, the world’s largest credit union with $46 billion in assets and 3.8 million members, tells ABC News it’s seen a threefold spike in new checking accounts since this time last year.

In contrast, Daily Finance posts about how big banks don’t seem to care that they are losing customers.

“[Big banks] are really trying to cull the bottom of their barrel,” Shevlin says. “They are looking at their customer base and have to find ways of making it more profitable.”

Speaking of which, did you know that there is a movement to make November 5th “Bank Transfer Day” on Facebook? It is encouraging people to leave the big money banks and support local credit unions or non-lame banks (I personally prefer and plan to stick with ING so long as they don’t turn lame). So if you are interested in supporting this movement, consider changing your bank on November 5th for Bank Transfer Day!

Debt Resources posts an article that explains the truth behind debt settlement companies.

Luckily, I had a family member who was able to educate me on some of the less-known facts about Debt Settlement Companies; the things they of course don’t include in their advertisements! Facts like how much more you’ll end up paying in the end. Information about the fact that none of your creditors start getting paid until they’ve gotten to put their fare share in their pockets. As I looked more into the truth about some of the fine print of these Debt Settlement companies, I remember feeling very relieved that I came across that information before signing the dotted line.

About Crystal Groves, Google+

Crystal Groves is a farmer, web developer, musician, blogger, and personal finance enthusiast from the back hills of Maryland and Pennsylvania. She started Money Drain as a project to encourage people interested in fixing their financial situation to share their stories and learn from the stories of others. We all make mistakes, but in order to change we have to make changes.

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2 Responses to Money in the News: New Resource, Moving from Big Banks to Credit Unions, Debt Settlements

  1. Pingback: Money in the News: Resource Alert, Rags to Riches, Bank Transfers, Good and Bad Debt | The Money Drain

  2. Pingback: Money in the News: Government Money, Lies about Savings, Bank Transfer Day, Money Infographic | The Money Drain

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