Get your finances back on track this January

New year, new lockdown – it feels for many of us that the Covid-19 pandemic might never end, and the hangover from Christmas this January is likely to be worse than usual this year as a result.

But, like the vaccine rollout programme that provides that glimmer of hope that things might return to normal later in 2021, The Co-op Credit Union is here to provide you with a route out of the financial stresses and strains that make life that much harder.

There are several ways that we can help you get your finances back on track this January:

1. Reduce your cost of borrowing

Very sadly, despite the regulators making their lives difficult, we continue to see too many members borrowing from high-cost and pay day lenders. These people charge the earth and in the worst cases can see you repaying many times what you originally borrowed thanks to sky-high interest rates.

But The Co-op Credit Union is different – we’ll consider lending anything from £50 and our maximum interest rate (on the Child Benefit-linked Family Loan) is only 35% APR. That’s even cheaper than what your bank will charge you to use your arranged overdraft these days.

So what are you waiting for – why not try our loans calculator to see if we can save you money next time you need to borrow.

2. Consolidate your debts

While we know the pandemic has made life much harder to afford for many, for others the fact that the opportunities to spend have evaporated during repeated lockdowns and tiered restrictions creates an opportunity to save money, take stock and reset your finances.

In April 2020, at the peak of the first lockdown, some estimates suggested that consumer spending was down by as much as a third. We certainly saw big increases in savings at that time as members stashed the cash they hadn’t been able to spend on going out or shopping.

And with the outlook for the future more uncertain than ever before in living memory, there has never been a better time to consolidate debt, save money on interest and get a clear route out of debt.

Our consolidation loans are competitive, and we’ve saved hundreds of members money by helping them take control of their debt.

2. Get saving

We offer a range of ways to save regularly: either from your pay packet, Child Benefit or by direct debit; towards a goal – maybe next Christmas or a family holiday once restrictions allow – or just for a rainy day. Saving with The Co-op Credit Union couldn’t be easier.

And what’s more, as you build up your saving history with us, you’re also building up a reserve that will help us lend more to you than we otherwise might be able to should the unexpected need arise. So that’s double the peace of mind.

New year, new lockdown – whatever the future holds (and we’re certainly not making any predictions!) The Co-op Credit Union has your back