18 July 2006
Credit unions are becoming more effective at reaching the financially excluded and helping people to stop using expensive home credit, according to a survey.
Almost 1,500 credit union members from 17 credit unions who were questioned for the Association of British Credit Unions (Abcul) study.
Over one in five member said they had used home credit at some point, but 41% of these had stopped using home credit as a direct result of joining the credit union.
A further 16% had used home credit less since becoming a member.
"This report shows how credit unions are reaching a wide range of people in their communities and provides an invaluable baseline from which credit unions can measure their current and future work," said Abcul chief executive Mark Lyonette.
"It will help inform strategies for bringing credit union membership, and the affordable credit and savings opportunities that come with it, to many more people in years to come."
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