Issue No 179
Magazine for the Irfon and Wye Valley Churches February 2016
by David Anderson “Invest in credit unions to help families in desperate financial need,” the Archbishop of Wales urged church members in a pre- presidential talk. “If everyone put just £10 or £20 a month into a credit union account they would no longer be seen as poor people’s banks and the market for pay day loan companies would be stifled,” Dr Morgan said. The Archbishop, who has been a member of a credit union for many years, said, “We can only remove the market for pay day loans if an alternative is available to lend to people at a reasonable rate and this is where credit unions can play a vital part. Sadly, credit unions are not part of the fabric of British society as they are in Ireland, Australia, America and Canada. In this country, they are seen as something that exists for poor people. In fact, of course, if we all paid money into credit unions, say £10 or £20 a month, this would remove the image of them being poor people’s banks. This would not be a gift on our part. We would get a half percent return on our investment, which is far more than you get in the current accounts of most banks at the present time. More importantly, money could be lent at reasonable interest rates, to people who
desperately need it. Likewise, if we too fell on hard times, we could borrow.” He said, “This Church, along with other churches at the minute, runs youth clubs, visits the elderly, provides food and shelter for the homeless, and raises money for the poorest parts of our world. Becoming involved in Credit Unions might be a further way of helping families in desperate financial circumstances, to access loans at more tolerable interest rates, and help transform lives.” So, what can we do locally if you wish to find out more about Credit Unions in this area? Did you know that we have a Credit Union based on our doorstep? The Red Kite Credit Union (RKCU) has an office in Market Street, Builth Wells and is open on Monday (11.30am – 1.00pm) and Friday (10.00am – 1.00pm). A second ‘Service Point’ in the Herb Garden Café in Llandrindod Wells which is open Monday to Saturday 9.30am – 5.00pm. RKCU is run by a small group of volunteers for the benefit of its members. We are always on the lookout for new members and who may be interested in volunteering.
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