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London Capital Credit Union a Lifeline in Creating Saving Habits

Sharing a positive story featured in The Sun, a mum of two told her story of how she fell into financial trouble amounting to over £12,000 worth of debt and how turning to London Capital Credit Union  gave her a lifeline to resolve her financial woes.

Friday 3 May 2024

Sharing a positive story featured in The Sun, a mum of two told her story of how she fell into financial trouble amounting to over £12,000 worth of debt and how turning to London Capital Credit Union  gave her a lifeline to resolve her financial woes.

Alicia Felix, who lives in London stated that her money troubles began early 2000s when she ended up more than £12,000 in debt across a handful of credit cards and catalogue firms.

One of the big issues that Alicia faced at the time was the fact that credit was so readily available. “As I spiralled deeper into debt, it struck me what a mess I was getting into – and that things were not ok.” At the same time, Alicia had come across a credit union called London Capital and wanted to find out more.

“In the Caribbean – where I come from – credit unions are commonplace,” she said.  “I was curious to find out how they worked in the UK. But back in 2009, there was very little information available.”

After doing some research, Alicia found her local credit union, London Capital Credit Union could offer low-cost saver loans and also provide financial education to help people build better habits.

Under guidance from the credit union, Alicia started saving and after a lot of hard work and patience, Alicia became totally debt-free in 2018.

She still saves with the credit union today, and now has a direct debit which channels money into her savings every month. “This means I don’t have to think about it, and barely notice the cash leaving my account,” she said and saved between £50 and £150 each month.

Over the years, Alicia has built a healthy pot of savings. “These days I live off a combination of my salary and my savings,” she said. “I’m in a better job and living a better life. For me it took something going drastically wrong with my finances to spur me into good habits.”

One of Alicia’s big priorities now is ensuring her daughters don’t make the same mistakes.

“I can now see the way I dealt with money and credit in my 20s was very unwise,” she said. “Given my experiences, I want to be sure my children won’t fall into the same trap. When my older daughter wanted a car at 18, I encouraged her to save with London Capital. I’ve made it my priority to pass on what I’ve learned about the importance of saving. Both my daughters have now developed good savings habits.”

Her story comes as new research from Fair4All Finance reveals that nearly two in three people feel they are struggling with debt, yet 82% of the population keep their money worries to themselves.

Source – The Sun

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