Saved from cash crisis

Jackie Hallewell General Manager Sheffield Credit Union
Jackie Hallewell General Manager Sheffield Credit Union
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START saving for Christmas NEXT year, says the manager of Sheffield Credit Union - after a record 733 loans were made in November.

The credit union helps people on low incomes to avoid huge interest rates they could face from payday loan firms.

There are four close to the union’s new shop on Commercial Street in Sheffield city centre.

Interest rates are a minimum of 1,700 per cent, compared to the union’s 26.8 per cent, says Jackie: “We’ve made record loans because people more than ever need that help before Christmas.”

It is estimated 40,000 people in Sheffield are trapped in a spiral of debt and poverty because they cannot borrow from high street banks.

Jackie added: “We encourage people to be prepared better in 2012.

“We are just about to launch a Christmas savers account for next year which will lock away money until November.

“It could make the difference between a comfortable Christmas and a crisis.”