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Review of the NHS Credit Union, Savings:

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Credit Unions - save first, then borrow...

Since working with the CAB 20+ years ago, I learned a lot about how people can get into debt, especially via unwise borrowing. Credit Unions encourage people to save before lending them money. Savers know that their money is safe and is being used to help those who are trying to help themselves and who are most in need of low interest loans. It took a while to find a credit union that I was eligible to join, but I started saving every month and the sum soon grew. I have from time to time taken a loan, for six months only, that could be repaid without any additional payments requiring to be made and my savings would continue to grow during that period. The interest rates are also good, and the savings are secure. Everyone, but, perhaps especially, lower paid workers, should join a credit union. Saving something regularly with a credit union helps put you into a good position for borrowing without extortionate interest rates. Reviewed on: 26th June 2020

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