With Christmas just around the corner (71 Days but we are not counting), the temptation to take on loans as a way to help spread the ever increasing costs is ever present. The advertising campaigns from high interest lenders can make it seem easy and affordable but unfortunately far too many end up falling into spiralling debt as they quickly realise that they struggle to make repayments.
And so a new campaign from Salford Credit Union "#YoureBetterOffWithUs" sees them join forces with other credit unions across Greater Manchester this Credit Union Awareness Week (Oct 15-21) to urge borrowers to leave behind expensive credit cards, doorstep and pay day loans, and high interest retailers.
As part of the campaign the credit unions – who have formed an alliance called SoundPound - have placed an advert over the M602– thanks to support from Salford City Council - to try and raise awareness of an alternative way to lending.
CEO of Salford Credit Union, Sheila Murtagh, said:
“We know slick advertising, catchy jingles and popular cartoon characters can entice you in to taking out a loan – which seems like your only option at the time. Then once you have signed up to a high interest credit card, bought something from a high interest retailer like BrightHouse or used a pay day or doorstep lender – it is not easy to escape.
“Salford Credit Union may not be glitzy – but we do know how to perform when it comes to making sure you are borrowing responsibly, with a competitive interest rate and repayments within an affordable budget. When taking out a loan as a member of Salford Credit Union, a savings pot will also be built up as a result, so when your loan is paid off you are not back in the same position. We can also consolidate your debt – so no need to wait until you have paid off current debts, which can feel like a black hole, before you speak to us.
“We would urge anyone who is worried about their finances to get in touch, we really do care about people, not profit – and you really are better off with us.
“Our online services and applications make it easy for people to be able to find the right deal for them, and we also have the benefit of having friendly branch staff, so if people feel more comfortable speaking to an expert face to face – they can.”
In the last year Salford Credit Union has provided more than 1600 ethical, affordable loans to members living or working in Salford, and has saved people more than £1million in loan interest.
For more information on Salford Credit Union and to join go to www.salfordcreditunion.com 0161 686 5880 or call into the headquarters at Brotherton House, 1 Loganberry Avenue, Salford, M6 5UX.
PHOTO: CEO of Salford Credit Union - Sheila Murtagh