Monday, April 8, 2013
Cross-Collateralization Means Proceed with Caution
Fox Business Bankruptcy Adviser wrote "don't fear banks when you file bankruptcy, but you and other readers should know that you need to proceed cautiously with credit unions."
The issue is cross-collateralization clauses, which means all your credit union debt and savings are connected. So if you are late in paying your loan at a credit union, a credit union can take funds out of your checking or savings account.
Read more.
The issue is cross-collateralization clauses, which means all your credit union debt and savings are connected. So if you are late in paying your loan at a credit union, a credit union can take funds out of your checking or savings account.
Read more.
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