“Financial planning also comes under scrutiny as the year begins with promises of restraint. After the difficult calculations are done, and if you feel you may be able to help others weather short term financial crunches, you might feel inspired to find out more about the local credit union, Your Credit Union at www.yourcu.co.uk . Set up in 2012 by Cllr. Jonathon Read, Your Credit Union gives people in need of affordable loans somewhere to turn rather than using pay day lenders. “We need to turn the tables on pay day lenders and ensure a way out for people trapped in an endless and soul-destroying cycle of debt and 5,000% interest rates,” says Credit Union Chief Executive William Rhodes.
Your Credit Union is lending almost £40,000 a month already. But because they are not a bank, they can only lend from money that is on deposit. In order not to hit a bottleneck in growth, they need to increase membership numbers, ideally with deposits that are larger in size. A number of churches and faith groups have recently opened deposit accounts with Your CU including St. Peter’s Hall Charity, Notting Hill and the Laytmer Christian Centre. Savings as shares in a Credit Union are a better way to save. You are not just another customer but an active member of a highly successful financial co-operative. And yes, you have a share in the ownership of the Credit Union. Go and visit the website to see how it all works. But the best bit is that while you save, others can borrow and not be ripped off by horrendous interest rates. Cllr.Faulks”