Credit Unions Recognised for the Vital Support Offered at Christmastime

29/01/2024

Credit Unions were recently highlighted as a lifeline for those struggling with the cost of Christmas during the high cost of living.

For many who find their finances over-stretched during the festive period, credit unions have been able to provide much needed support safely and ethically as highlighted recently in the media.

In an interview, Lauren Peel from Fair4All finance encouraged people who need to borrow money to tackle Christmas debt to research all credit options available. Furthermore, she encouraged individuals to use responsible lenders like credit unions who are “really experienced at helping people borrow small amounts at affordable rates”.

Martin Groombridge, CEO of London Capital Credit Union explains that this Christmas there has been a large increase in the number of people borrowing money due to the high cost of living. Martin stated that there was a notable rise in working people using credit at Christmas due to high inflation and rising mortgage rates, meaning standard income was not reaching far enough.

Importantly, Martin highlighted the ethos of credit unions to always lend responsibly and if a loan is deemed unsuitable, London Capital Credit Union offer alternative support and education to help the member become debt free.

Watch the full interview here.