THE FINANCIAL benefits of joining up to the Angus Credit Union were outlined to members of Forfar Community Council when they met on Thursday evening.
Angus councillors Glennis Middleton and Lynne Devine were united in their support for the credit union movement, and both urged everyone, not just those on low income, to sign up.
Councillor Middleton told the meeting that, prior to the last full meeting of Angus Council, fellow councillors, including Angus Provost Helen Oswald, signed up to the ACU.
She said: “The Angus Credit Union can be a very useful organisation for those on fixed or low incomes and those in receipt of housing benefit.
“Because of the welfare changes we are facing this can only be a good thing for all those involved.
“Accounts can be opened with as little as one pound, and that can be the best pound anybody ever spends.
“The credit union offers very good interest rates and that could be a great help to people who find themselves in difficulty through welfare reforms.”
Councillor Devine was keen to stress the Angus Credit Union was not only seen as a bank for poor people, but that it was beneficial to all.
She said: “I would encourage everybody to join. The interest rate is 12.68 per cent as opposed to the 1,400 per cent with some of those pay day lenders. It is so worthwhile for everybody to join as it is a community bank.”
Councillor Middleton expressed her concern at some of the payday loans advertised on t.v., with some interest rates quoted being as high as 2,000 per cent.
She warned: “When you read the small print, if you miss a payment they can raid your bank account. The credit union is for everybody and I hope everybody will take advantage of it.”