UK Money News
16th January 2008
Credit unions 'an option' for those who need help with money
People who need help with money could benefit from the "controlled" system of credit unions, according to a spokesperson for the Church of England.
Credit unions are designed to "serve people", he said, adding that what credit unions apart from other institutions is that credit is offered based on people's ability to save.
His comments come following the launch of a Life and Debt Matters sections on the Church of England website, which addresses the issue of Britons' apparent trouble with debt.
The spokesperson noted that the Church is not giving actual debt advice to consumers or recommending products, but commented that credit unions "implement some very achievable and sensible boundaries within the borrowing system".
He added that where financial institutions aim to make a profit, credit unions who make money out of lending will often redistribute that back to its members.
"A credit union is … there to serve people, to help people borrow money," the spokesperson concluded, adding that it is "more controlled".
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