Credit unions that operate across the UK can help consumers avoid facing debt management disaster, it has been claimed.
According to the Association of British Credit Unions (Abcul), its members offer a money lending service that is less likely to result in financial anguish for borrowers.
Mark Lyonette, the association’s chief executive, commented: “As financial co-operatives, owned and controlled by their members, credit unions can play a vital part in combating financial exclusion in our communities and in helping families to manage their money effectively.”
The Abcul boss made his comments after the Archbishop of Canterbury told the House of Lords that the work of credit unions around the UK ought to be supported by the government in an effort to reduce dependence on debt.
Earlier this month, the Western Mail reported on a plan by the Welsh clergy to become better able to help people who have fallen into a spiral of debt management woes.