July 11, 2005
Credit Union Journal 
CHICAGO-A report by The Woodstock Institute suggests
the credit card industry employs deceptive practices to make more money
off of credit card consumers but pointed out that credit unions have
fewer fees, lower fees, lower default rates and clearer terms and
conditions than other card issuers.

Into Debt: A Comparison of Credit Card Costs and Conditions at Banks
and Credit Unions" documents "the highly confusing terms and conditions
now used in the credit card industry" and how this contributes to the
rising levels of consumer debt. "While banks advertise 0% annual
percentage rates for balances transferred to their card, only the fine
print reveals that they charge a balance transfer fee, usually a
percent of the amount transferred, for the service," The Woodstock Institute said. "Banks are twice as likely to charge fees on balance transfers and cash advances than credit unions."