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Money & Advice Credit Binge - what is the real cost?

In June 2016, the average consumer credit debt per household stood at £6889 - an increase of £366.15 from June 2015. UK households are on course to spend more than they earned for the rest of the decade and this is ‘unprecedented’ according to The Office for Budget Responsibility.

So if debt and credit are now part of everyday life, the important question is: who are you borrowing from and what is it costing you?

For those on squeezed incomes or the many with a black mark on their credit record, borrowing can be an expensive process, particularly if they are turning to Payday lenders, or worse, loan sharks - but there is an alternative to high interest lenders.

Credit Unions are not-for-profit, saving and loans co-operatives owned by their members. They lend to those on low incomes or with poor credit ratings, as they look at ability to pay now - not just past history. Obviously they cannot lend to everyone, but they will lend to people that banks will not even consider.

Ann Hickey, CEO of East Sussex Credit Union, says, 'We help people get out of difficult debt situations by consolidating their debts into a single loan with manageable, realistic repayments. Members pay into saving accounts when they borrow from us, so at the end of their loan, they have a lump sum saved - often for the first time in their lives.'

If you have debts with high interest lenders, speak to us on 0300 303 3188 or visit  our Debt Consolidation page for more help.

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  • East Sussex Credit Union
  • Tel: 0300 303 3188
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  • Web: http://www.eastsussexcu.org.uk
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Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority