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Families To Get Affordable Credit On Their Doorstep |
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(30th June 2008)
The government is aiming to enable households to access the services offered by credit unions much easier.
In a speech at the launch of the new all party parliamentary group on credit unions, economic secretary to the Treasury Kitty Ussher is expected to set out planned reforms.
The government is proposing a new legislative reform order that will help cooperatives and credit unions to develop, while also improving their ability to compete.
Ms Ussher is to say that families are "feeling the pinch" more than ever, given the current economic climate.
"We want to make it easier for families to access the affordable credit on their doorstep that is offered by credit unions, rather than having to turn to more expensive schemes, or at the extreme end, illegal loan sharks," she is to say.
Mark Lyonette, chief executive of Abcul – the trade association for credit unions, recently said that there has been a growing interest in credit unions.
People are viewing them as "safe and respected providers of current account services", as well as other financial products, he commented.
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News brought to you by Start Again Finance, specialists in bad credit mortgage advice, loans, credit cards, savings and insurance. |
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