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My dad told me credit unions were a waste of time back in 2006
He swore by big banks and said credit unions couldn't handle anything beyond a basic checking account. Then I needed a car loan in 2012 and the credit union gave me 2.3% when the bank wanted 6.8%. Has anyone else had family give financial advice that just doesn't hold up anymore?
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bennett.evan9d ago
Did your dad ever actually try to use a credit union for something serious, or was it just a general distrust thing? I'm asking because it seems like a lot of people from that era just assumed big banks were the only option, and they never bothered to check if things had changed. I mean, the numbers you showed are pretty clear who had the better offer on that car loan. It's wild how much money people leave on the table just because of advice that was outdated by the time they got it. Maybe it's just me but a 4.5% difference in interest is a huge deal, especially on a car.
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milarodriguez9d ago
Oh totally, I read an article that said credit unions are literally owned by the members, @bennett.evan, so they pass on way better rates.
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betty_kelly99d ago
Feeling you on this, my dad gave me some truly awful financial advice back in the day too.
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