The pandemic crisis and lockdown have turned our lives upside down. Everything from our health and wellbeing to those everyday things like the morning commute has suddenly become uncertain and anxiety-inducing.
But here at The Co-op Credit Union, we try to stay positive and look for the opportunities that these unprecedented times present to us.
And with some reports putting consumer spending down by as much as a third during the peak of the crisis in April, we have seen a significant increase in savings as our members look for somewhere to stash the cash that they otherwise might have spent on going out or shopping.
So with spending down, savings up and plenty of time in the evenings to think about our finances, there might never be as good an opportunity as now to consolidate debt and pay down credit balances.
One thing is for sure– it’s always a good idea for individuals to minimise debt and maximise saving and with the future looking more uncertain than ever, this is one certainty that has perhaps never been so important.
Here at The Co-op Credit Union, we make it our mission to help our members reduce what they spend to borrow and to build good savings habits to build financial resilience.
So, if you are thinking about consolidating, speak to us now.
How our borrowing rates compare
The Co-op Credit Union offer a range of competitive products tailored to your needs. With our new Family Loan, we charge 35% APR which is cheaper than the typical bank overdraft which from April will cost 40% APR for most major banks.
And compared to many popular money lenders used by our members, our family loan could save you hundreds of pounds – see here for comparisons and further details.
And our consolidation loans start as low as 16.8% APR meaning that the vast majority of borrowers are likely to be better off consolidating with a loan from The Co-op Credit Union.
What’s more, we’ve paid a 1% dividend to our savers for the last few years which is a better return than you’re likely to get from most places for instant access cash savings.
So whichever way you look at it, you could be better off by talking to us!
