Aberdeenshire Councillor Paul Johnston has again drawn attention to the benefits of Credit Unions in dealing with everyday finance as an alternative to the increasingly unpopular high street banks.
” Credit Unions can offer a service from simple savings through to most personal banking. Importantly they are mutual organisations and therefore act only in of the interest of their depositors. They are also exceptionally secure for ordinary consumers being covered by the bank deposit guarantee schemes as well as regulation to the highest ethical standards”
Credit unions can also be used for borrowing as well as savings. Credit Union members, according to Councillor Johnston, can enjoy loans at competitive rates which will help many consumers ride the rough seas of the current economic storm.
” The rise of pay day lenders has been a worrying trend in personal finance since large corporate banks have squeezed consumers. Credit Unions offer more secure, convenient and cheaper savings and loan facilities. Most consumers on incomes of below £100,000 or below higher tax rates should consider a Credit Union account for savings and managing personal finances even alongside existing high street bank accounts. They represent value for money, security and being mutual, more beneficial to the local economy” Said Councillor Johnston.
Recently and Grampian Credit Union reminded consumers on local television of the benefits of Credit Union Services.
Credit Unions often help consumers manage their finances as part of their services alongside their loan or savings. The Twelve days of Debtmas is a campiagn to raise debt awareness and the shortcomings of using pay day loan companies.