I have become a member of the Stockport Credit Union, which allows people to save and to borrow money at low interest rates. If we all joined the Credit Union it would be a great Christmas present to our community because a strong credit union can save people from drowning under the weight of costly pay day loans.
Even those of us who don’t need loans should join because it helps the Credit Union to become more sustainable and able to provide more loans to people at low interest rates. I am hoping more people who live or work in Stockport will join as it is way of investing in our local area and making sure those who use it for loans are not stigmatised. It also helps to make the Credit Union a more powerful competitor to pay day loan companies who chargeextortionate rates which plunge people into a spiral of debt. As an MP, I spend a lot of time legislating, but laws by themselves cannot make communities strong. What makes a community strong is the combined strength of the people who contribute to it.
The Stockport Credit union is a safe place to save and you can apply for a loan when you have saved regularly – at least a £1 a week- for ten weeks.