bad Credit

Family debt dealt with by a Lancashire credit union is predicted to hit record levels in 2022

Family debt dealt with by a Lancashire credit union is predicted to hit record levels in 2022
Written by Publishing Team

It expects more demand for debt consolidation loans in the new year after spending increases at Christmas.

The community-focused nonprofit has seen a steady increase in the number of debt consolidation loans over the past year, with clients rolling out multiple debts from different sources in one monthly payment.

CLEVR has provided 117 debt consolidation loans over the past year, with a total value of £527,000. This is £85,000 of the 77 loans made in 2020 worth £343,000.

Participation To our daily newsletter

the news Cut through the noise

Anthony Brooks and Jackie Colliburn in CLEVR Money

Anthony Brooks, co-director of CLEVR Money, believes records will collapse in the new year as the credit union helps more people than ever with debt consolidation loans.

He said, “I expect debt consolidation to be high on the agenda as people look to sort out their finances after Christmas. Our numbers for members of this Christmas Show have saved more for the holiday season, while Christmas loans have also gone up, indicating that people are spending this year more than the past.

“This trend will be reflected in the wider community, and for those who haven’t borrowed from a credit union, their payments may start causing sleepless nights in the new year.

People come to us with debts from many sources such as credit cards, store cards, store installments, and payday loans. They often say that they would like to get a loan from a credit union with a fair interest in the first place, but at least we can help them just by contacting them.

“The biggest obstacle to people calling us is that they assume we won’t be able to help them because they have already been rejected elsewhere, or they are too embarrassed or afraid to put everything on the table.

“All I can say is that this is exactly what we are here for, to help people get fair credit, avoid high interest rates, sleepless nights and bad debt. We helped 117 people pay off their debts last year, and we can help Many more in 2022.”

Read more

Read more

Lancashire Credit Union offers advice as lender stops threshold for its loans…

About the author

Publishing Team

Leave a Comment