Last week Newton Aycliffe MIND hosted a visit by the NEFirst Credit Union, with volunteers Kate Hopper and Barbara Clare, and local organiser Harry Drake, who gave a talk on why you need to become a member of a Credit Union.
Credit Unions are not-for-profit financial cooperatives offering loans and savings opportunities to their members – NEFirst says it is ‘not for profit, not for charity, but for service’. Members are encouraged to save on a regular basis as little or as much as they want.
Any adult member of the Credit Union can take out a loan; rates of interest depend on the amount of the loan and your personal circumstances … but are much, much lower than High Street ‘pay-day’ lenders.
As ‘austerity’ bites, and more people of limited financial circumstances slide into difficulties, the Credit Union provides a much cheaper way to get over unforeseen financial crises – the washer breaking down, the unexpected bill etc. – than loan sharks and payday lenders.
In the coming months, Credit Union volunteers aim to visit a number of local organisations, encouraging people to think ahead before trouble strikes, and to join a Credit Union now.
If you are interested in joining a credit union, phone 0191 3757677 for more details, or go to the Credit Union which is held in Newton Aycliffe Library, 11am-12 noon every Thursday.
Newton Aycliffe MIND manager Muriel Gordon with members of MIND and NEFirst volunteers
