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Money Worries?

So I visited the Lewisham Plus Credit Union last month to learn more about the effect of the recession on local people and how people can get credit in difficult times.

A credit union is a financial co-operative run for the benefit of its members. Generally, people use credit unions because they are unable to get affordable credit through a bank account. This can cause a downward spiral. For example, without a bank account, it can be hard to get a job.

Recessions often result in an explosion of loan sharks. The cost of their credit can be huge. One of them I looked at online was offering interest of 272% on a loan of £300!

By contrast, Lewisham Plus Credit Union charges a lot less interest. So, if you have money worries, talk to the credit union to see if it can help you. Lewisham Plus Credit Union is open to anyone living in Lewisham East to join.

Importantly, credit unions are mainly about saving - the best way to help people to break out of the debt cycle.

My own grandfather was part of the co-operative movement and I believe strongly in its central ideal. People taking personal responsibility for their lives and clubbing together with others in their community to provide mutual support.

This is what society should be about in hard times. This is what Conservatives believe in.

The 'credit crunch' is still very much a reality for people in Lewisham East. Labour just can't seem to get the banks to lend us money and unemployment is expected to rise further this year.