Money Matters: Credit Unions are here to help spread the cost of Christmas

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In this week's Money Matters column, Wrekin's Deb & Money Advisor Dan Bebbington looks into the benefits of joining your local credit union

We all know the best way to fund Christmas is to plan ahead and save for it, however, sometimes it’s not always possible, especially when we are all facing increasing costs across the board. Many of us will have saved throughout the year to pay for Christmas – and others will be putting Christmas on credit or consider taking out unaffordable loans to pay for everything. But there is another way.

Credit unions offer affordable Christmas loans - ensuring that you can afford your festive spending and that you won’t be faced with unexpected bills in January. Credit Unions are membership-based organisations, much like co-operatives. Members have a say in how their credit union is run and may receive a share of the profits – a dividend.

Credit Unions offer a range of straightforward saving products and fair, manageable loans to members. There are around 500 credit unions in the UK and more than 1.8 million members UK wide, and this number is increasing. The credit union movement is global – there are credit unions in 109 countries, with over 231 million members worldwide!

If you live or work in either Shropshire or Telford & Wrekin – Just Credit Union is here to help. Their Christmas Saver Loan means you can spread the cost of Christmas now and build a safety net for next year. You can apply to borrow the amount you need over a period that suits you and you can repay weekly, fortnightly, 4 weekly or monthly which ever suits you best. For your peace of mind, they will also make sure your loan is affordable – they will never let you borrow more than you can afford to pay back. They also offer brilliant customer service and after care – meaning you will won’t be left high and dry. The deadline for Just Credit’s Christmas Loan is Friday 16 December, so you still have a few weeks left if you need help.

One of the other benefits of using a credit union is their savings accounts -and Just Credit Union offer a dedicated account to make sure you’re prepared for the festive season. Their Christmas Savings account offers all of the benefits of their normal Savings Account and to help members save for Christmas - withdrawals are limited from January 1st to November 15th each year.

By saving with your local Credit Union, you know your money is being used for the benefit of the local community.

Credit Unions runs on a not-for-profit basis, with any surplus being put into reserves or paid back to members as an annual dividend.

2nd December 2022