About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

2 Comments

  • Bank overdraft fees are becoming absolutely ridiculous. On my site, we get 4-5 people a day complaining about being unfairly charged. Bank of America has just agreed to now charges up to 10 overdraft fees per day at $39 a pop. Considering how they re-order transactions to optimize their fees, this is going to seriously hurt even more customers. Its time to stand up against these policies and demand change.

  • Hi Steve,

    Another good route to take would be joining a credit union! Unlike banks, credit unions are locally owned – members’ money stays local, and gets reinvested in the local community. They also pass on profits to their members, in the form of lower rates and fewer charges.

    Credit unions have never asked for – or needed – a bailout and are not part of the current economic problem. Also, as not-for-profit cooperatives with their member-owners’ interests in mind, credit unions hold on to mortgage loans instead of selling them to a secondary market for a quick dollar. Credit unions have always adhered to conservative lending practices, not the risky loan programs and subprime mess that everyone had heard so much about.

    Many people don’t realize that the credit union deposits are federally insured to at least $250,000 by the NCUA (National Credit Union Association) just like the FDIC for banks.

    I hope you will keep telling your readers these great points!

    Thanks,

    Kevin in Denver

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