START SAVING NOW TO AVOID THOSE CHRISTMAS DEBTS IN 2018

In 2017, Salford Credit Union saw a surge in membership and now wants to encourage more residents in the city to join up to make 2018 the year to take control of their finances.

In November, 2017, £134,000 was given out in loans – which is a 23% increase on November 2016.

The month before, in October 2017, 137 new members were signed up compared to just 77 in October 2016 – a 78% increase - with the trend continuing into November and December.  The total amount lent in 2016 was £750,541 and  £854,169 for 2017 - more than £100,000 increase in 12 months. 

Chief executive Sheila Murtagh said:

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"At the start of this New Year, when resolutions are being made, I would encourage everyone to take control of their personal finances, and we can help with that.

"By joining a credit union, you can be more prepared for next Christmas by starting to save with us over the next 12 months- as well as our standard savings account you can also open a Christmas Club account, and all are accounts are fully regulated  and protected. You can also be safe in the knowledge that if you have spent more than you intended over this Christmas period, that we will try to help you clear your excess debt – whether that be a credit card or pay day loan, and also help you to avoid high interest repayments in the future."

 

Money Advice Trust is also urging low income households to join a local credit union and encouraging people to make a plan for 2018 by budgeting each month and dealing with debt as soon as possible.

Sheila added:

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"If you're worried about money you owe, then it's best to get advice as early as you can. We may be able to help you reduce your debts and there is excellent free advice locally from Salford Citizens Advice Bureau, Salford Unemployed Resource Centre and Salford Council's Welfare Rights and Debt Advice Service."

For more information on how to join Salford Credit Union go to www.salfordcreditunion.com