Credit Unions Crucial For Chesterfield Community

12.00.00am UTC (GMT +0000) Fri 9th Feb 2007

Commenting on the re-launch of the Credit Union in Chesterfield today, Paul Holmes, Liberal Democrat MP for Chesterfield said: "I am delighted to be opening the Chesterfield Savings and Loans.

Credit Unions provide essential low cost borrowing and a safe way to save.

This is critically important for people who may otherwise be driven to take loans from unscrupulous doorstep lenders at inflated interest rates as high as 60%.

I have tabled an Early Day Motion in the House of Commons calling on the Government to do more to support the development of Credit Unions across the UK so that more vulnerable people can access safe financial services.

Chesterfield Savings and Loans can be contacted on 01246 278 833 for further information.

The Early Day Motion tabled by Paul Holmes MP reads:

That this House applauds the work of Credit Unions in offering a safe and regulated environment to save and a low cost way to borrow; recognises the value of Credit Unions in reducing the market for high interest loans and doorstep lenders offering loans at inflated interest rates to people who cannot access credit by other means; acknowledges the excellent service provided by Chesterfield Savings & Loans Operation within Chesterfield Borough which provides financial services to all adults over the age of 16 in the area; and calls upon the Government to actively seek ways to promote and support the development of Credit Unions across the United Kingdom.