Do you know how the economy is doing nowadays? Is there still a credit crunch? And can your credit score survive through it all? Not to worry, our weekly round-up is geared towards keeping you in the know on the economy, while also keeping you on your toes on how to keep your credit healthy through it all.

Personal Finance

• SmartMoney asks, Thirtysomething and strapped: what to do?
• GetRichSlowly blogs about sweating the big stuff.
• USAToday poses the difficult question of how do college students build credit history as rules change?
• US home loan demand at 3-month high as rates fall reports Reuters.
• The Washington Post tells the story of how Frank bemoans pace of housing help.

Credit Reports and Credit Scores

• Stay far, far below the credit limit advises the Los Angeles Times.
• MainStreet teaches you how to spot and fix credit report errors.
• Knoxvillebiz.com tells another side of the credit story, writing that credit line cuts aren’t always painful.

Credit Cards

• Credit card holders may benefit from reevaluating their plastic writes the Los Angeles Times.
• The Washington Post wonders if banks ease burden of credit card debt.
• BusinessWeek blows the whistle on card issuers dodging credit-card reform.
• MainStreet tells how to Prune with Plastic: Save Money Using Credit Cards.

Debt

• Los Angeles Times gives us some good news: U.S. consumers cut debt by record $21.6 billion in July.
• Geithner says Americans saving more after accumulating debt reports Bloomberg.com.
• The New York Times posts that overspending on debit cards is a boon for banks.

Credit Karma

• The Wall Street Journal reports on credit scores: what you need to know now.
• Wealthy families face bankruptcy on real estate crash news straight from Bloomberg.com.
• Credit scores remain stable in August @ MarketWatch.
• Clean up your credit and save $100,000 – The Motley Fool shows you how.

As loans from traditional banks become harder to get, more consumers are looking into credit unions in hopes of getting the loans that they need. There are a few pluses and minuses that come with joining a credit union and it is important to know what you are getting into before you sign up. Let’s take a look at credit unions and see what you can expect.

1. Loans are easier to get.

This is probably the main reason that many people do decide to become members of a credit union. As the name implies, their main purpose is to offer credit to their members. If you have reasonably good credit, or have only made a few mistakes and your credit score is still decent, you should not have any difficulty getting a loan from a credit union. If this is a high priority for you, then joining would be a good idea.

2. No businesses allowed.

Credit unions are typically only for consumers. There may be a few exceptions to the rule, but generally, if you have a business, you’ll have to set up a separate account for it somewhere else. This isn’t that big of a hassle, but if you like to keep your money in one bank, it can be annoying. The primary purpose of a credit union is to serve consumers individually, not as companies. In addition, getting a business loan from a credit union is next to impossible, even if you are applying as an individual.

3. Loan amounts will be small.

Credit unions typically only lend out on smaller loans, usually in the $10k range. You may find a few that are willing to go over that, but this is a general guide to the type of funding that you can expect. That basically means that while they may be good for a small personal loan or a used car loan, anything over that will be tough to finance through a credit union. These loans are definitely not suited for home purchases.

4. One on one help.

Credit unions typically limit their members and they do offer additional services to those that they accept. For example, many will offer free credit counseling or other services that can help you find your financial footing, or keep it on solid ground. For those that are looking for a little extra attention and help with their money, a credit union can be a very good choice.

5. Limited membership.

The downside to credit unions is that they do have limited memberships available. Some may only accept specific kinds of people, such as fireman, military members or similar professions. If you are applying to join a credit union, make sure that their charter is broad so that you have a better chance of being accepted.

At the end of the day, the choice to join a credit union can be beneficial, especially for consumers that need easy access to loans and financial advice.

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