Millennial Money: As Fed rates rise, save at a credit union

By MELISSA LAMBARENA of NerdWallet

As the Federal Reserve continues to increase interest rates, borrowers may find that they’re paying more for their debts or perhaps missing out on opportunities to boost their savings with better rates. As not-for-profit cooperatives, credit unions can save their members a lot of money by offering lower rates on loans and higher rates on savings compared with large banks. The cap on loan rates at credit unions can also keep debt from spiraling out of control. Explore the potential benefits of credit unions, how they work and what it takes to join one.