Credit unions need to become more government support
Posted by on 10th March 2010 to Debt News
People on low incomes should be able to get a wider range of services from credit unions, claimed an industry body.
The Association of British Credit Unions Limited (ABCUL) called on the government to make a one-off investment to support the expansion of services across the country, particularly through the Post Office.
Speaking at a conference last week, Mark Lyonette, the chief executive of ABCUL, highlighted that moves to offer bank loans through post offices would leave people in debt far worse.
"Post Office customers not serviced by banks can pay upwards of 200 per cent in interest for loans, which credit unions provide for a tenth of the cost," Mr Lyonette said.
He also added that banks needed to be held to account for failing to offer affordable credit to poorer people.
Helen Goodman, the minister for financial inclusion said at the same conference that the government had already invested almost £10 million into the sector, which had helped over 240,000 people.
Posted by Clement Moine
Debt Free Helpline offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our trained debt advisers today.
The Association of British Credit Unions Limited (ABCUL) called on the government to make a one-off investment to support the expansion of services across the country, particularly through the Post Office.
Speaking at a conference last week, Mark Lyonette, the chief executive of ABCUL, highlighted that moves to offer bank loans through post offices would leave people in debt far worse.
"Post Office customers not serviced by banks can pay upwards of 200 per cent in interest for loans, which credit unions provide for a tenth of the cost," Mr Lyonette said.
He also added that banks needed to be held to account for failing to offer affordable credit to poorer people.
Helen Goodman, the minister for financial inclusion said at the same conference that the government had already invested almost £10 million into the sector, which had helped over 240,000 people.
Posted by Clement Moine
Debt Free Helpline offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our trained debt advisers today.
