A NUMBER of Angus councillors are to support the work of the county’s credit union.
It was after hearing how some residents in the local area are taking out payday loans with interest rates as high as 2,000 per cent.
The interest rates were called “highly immoral” by elected members on Thursday as they agreed to support the organisation.
It was at a meeting of the council that they learned of the success and the plans that the Angus Credit Union (ACU) had for the future from the chairman Andrew Dawson and development manager Paul Mitchell.
ACU is hoping to take the temptation of payday loans and doorstop lenders away when important Universal Credit arrangements come in to place next year to help tenants on housing benefit falling into arrears,
Mr Dawson said: “We can help to ensure that benefit will be spent on housing and arrears minimised, but we need to get on with it if it is to be offered to tenants before April 1.”
Angus Provost Helen Oswald led a signing-up of colleagues to the credit union before praising the work of ACU and offering encouragement for its future plans.
Forfar councillor Glennis Middleton said: “It is only £1 to join the credit union but that may just be the most important £1 a week that someone in Angus will deposit anywhere.”