28% of consumers who responded to a consumer confidence survey in September 2017, said they felt that they were worse off than they were a year ago.
In the current climate of austerity, it’s not surprising that people feel they have less spare cash. As the festive season approaches, we all know how additional spends can really stretch the family purse.
Helen Mason, CEO of Your Credit Union comments, “Christmas is an expensive time for most people; irrespective of their income or circumstances. The desire to make things special for children and relatives; with presents, celebratory food and drink added to travel costs to meet up with friends and relatives can easily blow the budget. She added, “Many people we come across at our outreach sessions admit that the solution is to max out the credit cards; knowing that they will face higher repayment charges in the New Year. Other people we meet think that their only alternative is a payday loan or worse, an illegal money lender”.
The staff team at Your Credit Union are here to help. Your Credit Union offers a credible alternative to help families manage their money better and in particular to survive the Christmas budgeting period.
As one of over 300 credit unions in England, Scotland and Wales, Your Credit Union is your local community bank, providing affordable loans and regular savings options to anyone living or working in Kensington and Chelsea, Hammersmith and Fulham, Westminster, the City and the rest of Greater London.
The credit unions offers a number of affordable alternatives to support people to plan their festive spending.
Your Credit Union offers loans to both new customers and existing members from £100 to £7,500, (depending on affordability and personal circumstances). With decisions generally within 2 working days, interest charged only on the outstanding balance of the loan and a repayment period of up to 5 years, a credit union loan is often more affordable than you might think. A credit unions loan is a good way to spread the cost of Christmas or New Year outgoings.
For example, a credit union loan of £1,050 could be paid back over 24 months at just £14.18 a week or £62 a month. The total repaid, including interest would be £1,487 over 2 years. Repayments can be made from your wages or by benefits transfer.
Alternatively, new and existing credit union members can open a ‘Christmas account’ and put away a small amount each week or month running up to Christmas, when they can withdraw the funds. All money saved in a credit union is protected by the Financial Services Compensation Scheme up to the value of £75,000 per person. This is exactly the same level of protection as savings in a bank or building society.
To find out more about Your Credit Union savings and loan options call or email the team to make a loan appointment or request application details or drop into one of their regular pop-ups across the borough for an informal chat.
T: 020 7605 6341
Mintel’s Consumer Confidence tracker
Your Credit Union is the trading name of K&C Credit Union Ltd., authorised and regulated by the Financial Conduct (FCA) and Prudential Regulatory Authority (PRA), Firm no 5640084. T: 020 7605 6341