Monday 5 December 2016

A salutary tale in the credit union movement

Published 01/11/2016 | 02:30

The economic downturn did come with a cost for individual credit unions, which hit financial difficulties because of ill-advised lending and default on loans. (Stock image)
The economic downturn did come with a cost for individual credit unions, which hit financial difficulties because of ill-advised lending and default on loans. (Stock image)

right across the country, credit unions have provided support and security to people who other financial institutions would discard or disregard. Unlike the banks, the relationship between the member and their credit union is personal and mutually respectful.

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The movement was founded as a consequence of high unemployment and poverty levels, with the desire to help families on low levels on income manage their money and take control of their finances.

The economic downturn did come with a cost for individual credit unions, which hit financial difficulties because of ill-advised lending and default on loans.

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