Credit Unions recommended by Church of England
Published On 17 January 2008
Credit Unions can be a better option for those requiring financial support.That is according to the Church of England, which has created a new section on its website that deals with the rising problem of debt and financial strain in the UK.
The church recommends the use of credit unions as one of three "action steps to better finances".
A spokesperson for the Church of England stated that credit unions offer a more controlled borrowing system, saying: "Unlike other institutions they will actually let people borrow compared to their ability to save."
He added: "They implement some very achievable and sensible boundaries within the borrowing system."
Commenting on the new debt section on the website, the spokesperson affirmed that the advice is directed at a general rather than a religious audience.
"It isn't preaching at people, it isn't in churchy or religious language. It is simply basic common sense that can help people analyse if they have got a debt problem and give them some basic advice as to what they could start to do about it," he said.
At the end of November 2007, total UK personal debt stood at £1,400 billion, according to statistics compiled by money education charity Credit Action.
