YP Comment: True value of responsible lending
EVEN though record low interest rates mean that it has never been cheaper to borrow money, personal indebtedness is still endemic with the vulnerable and gullible at the mercy of the more unscrupulous lenders.
Yet they would be even more pernicious without organisations like Leeds Credit Union. Now in its 30th year, its members have been spared charges worth £47m in comparison to other high street lenders over the past decade, owing to a responsible approach to debt management. A template to be commended, this, crucially, is money which remains in the pockets of local people rather than lining the profits of rip-off merchants.