Hi Mary, I love your show. I graduated from college last spring and I recently started my first "real" job. My employer gave me information on our credit union. Can you tell me what the difference is between a credit union and a bank? I have had a checking account for a couple of years and a very small savings account. I am trying to learn as much as I can about finances since this is the first time I am making a big pay check.

-- Amanda, Thanks for writing. Congrats on the new job. Your question about Credit Unions is a good one. The often offer better rates to their members because they are owned by their members. You need to compare the rates offered by the Credit Union at your workplace with your local banks, but you will often find that you can borrow money (mortgages, Home Equity loans and Auto loans) at a cheaper interest rate than most banks. The Credit Union also is generally more generous with the interest rate it pays you for money sitting in accounts. You do have to do your due diligence and check your CU out, but it could be a nice deal for you going forward in your life. Credit Unions are not-for-profit organizations, the profits they do make are returned to the members in the former of better rates and lower costs for services. Most Credit Unions are insured by the National Credit Union Share Insurance Fund (NCUSIF) which works in a similar fashion to the FDIC insurance that protects bank accounts. Go to their website to check out more info about credit unions and how they differ from banks. One last note, you will want to ask your CU what products they do offer and see how they compare to the products offered by your bank. They may not have everything you are looking for, but you won’t know until you ask. -Mary

Dear Mary! I love your show. Can you re-run the program from the other night about why you shouldn't pay off your mortgage.  I missed the beginning of the show.  Keep up the good work.  

Mark—the show is available on demand for one week after it airs. Go to “get local”, then “CN8 originals” —then “Money Matters.”  Let me know if you have trouble finding it. -Mary

Hey Mary, I caught your show tonight about the recalls. Good for you for sticking it to the talking head who was too afraid to admit there is a problem with products coming out of China. American companies are the one to blame, tho. They closed plants in the US that had to confrom to stricter US regulations and sent those jobs to a place that has no regulation. DUH! Of course there were going to be problems. Now Mattel and other companies are pretneding like they didn't know what was happening!  Come on.  Great job holding their feet to the fire.  Keep em honest Mary.

Thank you Andy!

Ronnie, I completely appreciate your situation.  When public transportation is not readily available, you often do need a car to function.  I know you want to help your son and I think you can do that without harming yourself or your credit score.  You want him to have a safe car, but it does not have to be a new car.  If you have a trusted mechanic you can work with them to help you find a quality used car.   If your son has to finance the car no matter what, then you really should have him go it alone. Paying the higher interest rate because of his spotty credit may just be the wake up call he needs to start paying his bills on time. If you always come to the rescue, he will never learn this valuable lesson.    

The bottom-line: have him buy as much car as HE can afford right now.  If he is less than satisfied with his choices, he may be motivated to make more money and manage what he does have better.  Good luck and keep me posted!