Members are being shut out from improving their financial situations by banks and credit unions. These financial institutions borrow at close to ZERO yet have not decreased the rates they charge on credit cards. They also have not extended personal loans to individual members who want to pay off debt. This puts extra strain on the communities that credit unions are bound by their missions to serve. It is usurious for any lender to be charging 2500 basis points over their own borrowing rate, REGARDLESS of the ratings these lenders PAY, i.e. Experion, to create. We demand access to credit and lower rates. Economically speaking, the less people waste in interest, the more consumers spend. It’s a win-win, particularly in this time of crisis.
Why is this important?
People are being squeezed by financial institutions, which only compounds the lack of consumer spending and hurts our economy.
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