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This article is for information only. It does not constitute advice. Chase Saunders Ltd does not provide services for savings, investments, mortgages or insurance. You should seek advice on these areas from a qualified financial advisor.
Church lecture on credit unions
Article Category: Debt Management Help and AdviceThe Church of England has given a lecture on the benefits of credit unions.
A spokesperson for the Church said that unions could provide more suitable options for borrowers as they were not driven by the profit motive.
He argued that they were "there to serve people" and that borrowing was "more controlled" within set limits.
For example, he said, if someone was granted a
credit card, based on employment earnings from a mainstream lender, the facility to borrow up to the maximum allowed would still be in force although he or she may well have been made redundant.
"If you save £1,000, a credit union may let you borrow, say, £2,000, because it is clear that you have a saving ethic and that you will be able to pay it back… they implement some very achievable and sensible boundaries within the borrowing system," the spokesperson added.
The Church has a new section on its website entitled Life and Debt Matters.
It does not, according to the spokesperson, give financial advice but only helps people to "analyse whether or not they have a problem".
For more information on debt management call our advisors on 08000 122 118 for FREE, no obligation help and advice. Created on 17/01/2008 12:36:47
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