Dudley MP Ian Austin will hear how Dudley’s community bank, Castle and Crystal Credit Union saves residents huge amounts on their debts when he visits the town centre office on Friday.
He will drop in to the Castle & Crystal Credit Union, 25 New Street, Dudley DY1 1LT at 10:30am on Friday 14th October.
Castle & Crystal are inviting shoppers to pop in to their open day for a cup of tea from 9:30am until 4:30pm on Thursday 15th October to mark International Credit Union Day.
The credit union has enabled hundreds of residents avoid expensive loans with payday lenders and slash payments including:
- Supporting a local family’s mortgage application by issuing a £8,400 loan to consolidate expensive debts from two credit cards, car finance and solicitors’ costs.
- Offering a local nurse with a £1,000 loan to pay for extra training.
- Supporting a local dad with £500 to pay the bills as he moved between jobs.
- Helping a local mum with £1,700 to purchase a car to get her disabled son to school.
Credit unions offer affordable loans as an alternative to payday lenders that can charge interest rates of up to 4,000 per cent. Castle & Crystal estimate that for every £826,311.25 they lend local residents save approximately £522,560 in interest in loan repayments in one year alone.
Austin has campaigned in Parliament for a limit on the interest lenders can charge and a levy on payday lenders’ profits to double the availability of low-cost alternatives such as credit unions.
Ian Austin said:
“Money’s tight for a lot of local people but payday lenders make their money by piling debt upon debt and creating a personal debt crisis.
“I’m campaigning in Parliament for measures to drive payday lenders out of Dudley, and locally I want people to avoid pay-day lenders like the plague.