Occupy Wallstreet and the switch to Credit Unions (from a Bankruptcy Attorney’s prospective)
As a bankruptcy attorney representing primarily consumer debtors, I do represent the 99%. I am also a huge proponent as a consumer and an attorney of encouraging consumers to speak with their dollars. Voting with your dollars is widely underestimated and is the best way I find to effect change. The harsh reality is most big businesses could care less about your signs and marches, but if you move your money you see how quickly businesses, such as the big banks with their monthly $5 fees, back off and look for alternative ways to make money.
HOWEVER, consumers should be wary of “change” without research, and the potential unintended consequences of change. For example, credit unions sometimes put in their (not so consumer friendly) fine print cross-collateralization language that secures all your loans together with your bank account and other assets. For example, a credit-union credit card may be secured by your bank account and/or your vehicle if you have another loan financing your vehicle though the credit union. If you default on your credit union credit card you may have to continue to pay it to keep your vehicle or money in a bank account with the credit union. This is a common problem that arises with credit unions in bankruptcy. More than likely, if a debtor has a credit card issued by a non-credit union, the debt is likely wholely unsecured and can be discharged completely. This may not be the case with all credit unions and non-credit union lenders but it is something to keep in mind. Credit unions are likely excited about the movement and are welcoming you aboard; however, as a consumer you always need to remember business is business and you need to read the fine print!
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