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Credit Union to come to The Royal Borough this year

August 19, 2010 12:19 AM

Following a Lib Dem council motion it has now been announced that this year a Credit Union will come to aid financially hard-pressed borough residents.

Cllr Kathy Newbound, Lib Dem Deputy Leader, who moved the council motion in April, said:

"The Credit Union can't come too soon. In difficult times loan sharks thrive. They lend money at sky high rates to those that are desperate. Instead of the money helping the desperate it soon makes them even more desperate, as their debts rocket ever higher."

Credit Unions have been established to enable residents with poor or no credit rating get financial help, at comparatively reasonable rates of interest.

Cllr Kathy Newbound added

"Nearby Reading has been running a credit union for two years. I am glad that now this help will be extended to residents in this borough. Let's be realistic, the next few years will be extremely challenging for everybody most especially the poorest. Having a credit union here will encourage people with small amounts of money and no bank account to save. By getting credit they will kept out of the clutches of loan sharks. "