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21 years old and still growing

September 30, 2019 7:37 PM
By Maggie Kellman

Credit Union

Since its launch in 1998 Chesterfield and North East Derbyshire Credit Union have gone from strength to strength, starting with less than 100 members they now have more than 5,000.

Cllr Emily Coy popped in to congratulate the manager Alan Ward and learn more about the non-profit making financial organisation set up by members to benefit the community.

This can mean helping those who can't get access to ordinary bank products, plus the credit union can provide loans with flexible terms and repayments at affordable interest rates. The credit union is a welcome alternative to pay day loans or door step lending. The idea is that all members benefit mutually as there is no profit for third party shareholders.

Alan explained how the credit union works to promote wise money management and to encourage the habit of saving among children at local primary schools.

Emily Coy, a qualified accountant, points out that "It's a scandal that in Britain today there are 1.7 million people without a bank account, 8 million experiencing problem debt and 40% of the working-age population who have less than £100 in savings. The Credit Union works for the benefit of the community, and whether as savers or borrowers, it is something we can all support"

Read more about the credit union and find out how to join at https://www.cnedcu.co.uk/