Suze Orman to Larry King: Credit Unions have great rates

(12/14/09)–Credit unions offer better rates on credit cards, personal finance guru Suze Orman told Larry King on Larry King Live Thursday.

King asked Orman if credit unions are a better option for those interested in transferring their credit card balances to credit unions from a bank.

Yes, yes, yes, yes,” Orman said. “Credit unions–especially ones that are federally chartered–the maximum interest rate they can charge you is 18%. Now, while that may sound like a very high interest rate, the truth of the matter is many of these banks today are charging 29.99% interest.”

“So here is what I am suggesting. I think the United States of America–all of you should start looking into credit union credit cards and do a balance transfer,Orman said.

See entire transcript of the CUNA press release here.

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