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Credit Unions: A Comment

Credit Unions: A Comment Aust. Jou7lUlI of Social Issues 1978 Volume 13 Number 1 Faye Gornalle Credit Unions: A Comment Anthony Lupi's proposal that a partial solution to the consumer credit problems of low income families lies in the use of credit unions has much merit. * His research showed considerable understanding of credit unions? their advantages and shortcomings. Perhaps the essence of the matter is in his statement: 'It is still cheaper to purchase consumer items such as furniture or a car through a credit union than through the hire purchase company.' This statement is still true. Most finance used through credit unions is for purchase of new or used cars, household goods and home improvements. His main figures and summations are based on overseas statistics and are out of date. The fact that he does not mention Bankcard as a source of finance is indicative of the dating of many of his comparisons. Many retail stores have replaced store budget accounts with Bankcard. The following chart, published in the National Times, June 1977, has a more realistic cost of lending: PERSONAL MONEY: What It Costs Bank overdraft 10.5% Loans on life policies 10.5% Banks 13-14% Credit Unions 13-16% Bankcard 18% Financiers- http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Australian Journal of Social Issues Wiley

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Publisher
Wiley
Copyright
© Australian Social Policy Association
eISSN
1839-4655
DOI
10.1002/j.1839-4655.1978.tb00615.x
Publisher site
See Article on Publisher Site

Abstract

Aust. Jou7lUlI of Social Issues 1978 Volume 13 Number 1 Faye Gornalle Credit Unions: A Comment Anthony Lupi's proposal that a partial solution to the consumer credit problems of low income families lies in the use of credit unions has much merit. * His research showed considerable understanding of credit unions? their advantages and shortcomings. Perhaps the essence of the matter is in his statement: 'It is still cheaper to purchase consumer items such as furniture or a car through a credit union than through the hire purchase company.' This statement is still true. Most finance used through credit unions is for purchase of new or used cars, household goods and home improvements. His main figures and summations are based on overseas statistics and are out of date. The fact that he does not mention Bankcard as a source of finance is indicative of the dating of many of his comparisons. Many retail stores have replaced store budget accounts with Bankcard. The following chart, published in the National Times, June 1977, has a more realistic cost of lending: PERSONAL MONEY: What It Costs Bank overdraft 10.5% Loans on life policies 10.5% Banks 13-14% Credit Unions 13-16% Bankcard 18% Financiers-

Journal

Australian Journal of Social IssuesWiley

Published: Mar 1, 1978

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