Are credit unions a good choice in today's credit climate?

This morning I read an article at CNN Money, Credit Unions: Best Revenge for Angry Cardholders, that made absolute sense to me. The author of that article pointed out the friendlier lending attitude that credit unions adopt, mainly because they are not-for-profits. Late fees on credit cards can be steep for well-known cards while a credit union backed card is a bit more forgiving when it comes to late fees. Aside from that, she also points out that credit unions by law can't charge more than 18%, whereas many mainstream cards have jacked their rates through the roof on card holders - to nearly 30%.

So, if your credit card has given you a rate hike, maybe now is the time to look into your options at a credit union. I do know that my credit union told me just recently that they have not tightened their lending like so many other banks have since the economic crisis. This was a concern for us since we needed to shop for a car loan unexpectedly when our minivan was totaled.