Dudley MP Ian Austin will hear how Dudley’s community bank, Castle and Crystal Credit Union, is helping residents budget for Christmas.
He will drop in to the Castle & Crystal Credit Union, 25 New Street, Dudley DY1 1LT at 3pm on Thursday 17th November.
Castle & Crystal are offering a new Engage account featuring access to a free money management tool to help people put money aside for bills and rent payments to prevent accidental overspending.
The credit union has enabled hundreds of residents avoid expensive loans with payday lenders and slash payments including:
- Helping a local mum with £1,700 to purchase a car to get her disabled son to school.
- Supporting a local family’s mortgage application by issuing a £8,400 loan to consolidate their 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.
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 responsible lenders like Castle & Crystal are here to help.
“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.
“If you need to save up for Christmas, join Dudley’s community bank, Castle and Crystal Credit Union at 25 New Street.”