Credit unions offer more controlled borrowing
January 18, 2008 by admin
Filed under News, News-Credit-Cards
Credit unions can offer a more controlled borrowing system compared with other financial institution claims the Church of England. 
The institution said that many financial organisations are in place to make money and although some are more sympathetic than others, the main goal is to make a profit.
However, credit unions supposedly differ as they allow consumers to borrow in line with their ability to save which creates sensible boundaries within the borrowing system.
“A credit union is not just there to make a profit; it’s there to serve people, to help people borrow money…its more controlled,” said a spokesperson.
If a credit union does make any profit out of lending, then “quite often” it will re-distribute this amongst it’s membership.
Recently the Church has set up the life and debt matters section on their website which it speaks on the rising problem of debt and financial strain.
It was launched at the beginning of the year and offers a “post Christmas debt check” and “three action steps” to better finances.
Church to offer financial advice
January 8, 2008 by admin
Filed under News, News-Banking
The Church of England (CoE) has announced it is to launch a ‘Matter of Life and Debt’ campaign in the face of spiraling levels of personal debt in the UK. 
With the UK owing a total of £1,400 billion in loans, credit cards, and overdrafts, advice is to come from both the pulpit and community groups.
The campaign incorporates a ten point checklist, to be viewed as a set of warning signs that show consumers maybe spending more than they could afford.
John Preston of the CoE, said: “If a household can say ‘yes’ to any of the statements on the checklist, it may be on the verge of encountering serious debt issues.”
He added that if a household can say ‘yes’ to three or more of the warning signs, “it would be well advised to talk to a debt counseling service.”
Research from Grant Thornton has predicted that 120,000 consumers are expected to be declared insolvent during the course of 2008.
