Calls for more credit unions

Mon, 08 Oct 2007

Iain Duncan Smith has claimed that credit unions are a safe way of borrowing.

The Association of British Credit Unions has revealed that the former Conservative party leader has called upon the financial services industry to expand credit unions and support those already in place.

By doing so, more affordable credit will be available in the marketplace, said Mr Duncan Smith, something that could help to tackle problems with unscrupulous lenders taking advantage with high-interest loans and credit cards .

He said that the industry should "champion" credit unions in the inner city.

"Let's introduce and help credit unions that other countries have to make it easier for people if they need to borrow money to borrow it at reasonable levels," he remarked.

Mr Duncan Smith made the comments when addressing the Conservative party conference in his position as chair of the Social Policy Justice Group.

The Association of British Credit Unions notes that such services provide savings facilities while also offering personal loans at reasonable rates of interest . All members of a union are connected, such as by living in the same area.

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