Credit Union Member Shares Relief of Support Through Christmas Period

Friday 26 January 2024

A mother has issued a warning to families about getting into debt because of the pressures of Christmas. Kirsty, from Bradford, lost her home after mounting debts from a previous relationship.

Kirsty turned to Bradford District Credit Union to help her save especially for Christmas, after previously struggling to feed her family. “To come to the credit union means you can still do that [provide for your family], but in a managed and safe way which isn’t going to get you into trouble in January.”

Ian Brewer, from BDCU, said it was never too late to save, even if it was just £1 a week.

“Just putting something away each month, or each week, whenever you can afford it, allows you to build up financial resilience,” he said.

According to Fair4All Finance’s own research, there are 7.7 million people aged 18 to 34 in financially vulnerable circumstances, almost half of all 17.6 million adults in such circumstances. As a result, it’s urging younger people to be aware of all their options so they can make informed choices whenever they take out credit.

Credit unions plan to grow their membership of 1.4 million by 5 to 10% per year over the coming years and ABCUL CEO, Robert Kelly is encouraging people to find their local credit union and seek support with their finances and adds the sector is focused on helping more young people to join their member-owned, not for profit finance movement.

“Credit unions are changing fast. Many are embracing digital transformation and on-demand customer service which is attracting younger members,” says Robert. “Credit unions offer members the safety net of access to fair affordable credit from local organisations that have their interests at heart whilst helping them build financial resilience through savings, however small.”