The Channel 4 tv programme https://www.channel4.com/programmes/michael-sheens-secret-million-pound-giveaway shone a bright light on the horrendous effects of high cost debts on so many families. Across the UK millions of people are ‘robbing Peter to pay Paul’ and taking on credit to clear other debts, with each transaction becoming ever more expensive. Whole families become trapped in debt and poverty for years.
Since the programme started showing we have seen many more people joining the credit union to take the first step in escaping the debt trap by using our Saver Loans to reduce spending servicing expensive debt, but also a spike in number of people looking to use our community investment ethical savings accounts.
Credit Union CEO, Martin Groombridge said: “TV programmes such as these are welcomed in highlighting the problems associated with consumer debt, but also in reminding people that help is available, not least of which is to remind people of how credit unions help clear debts and build peoples savings habits. Anyone seeing the programme should consider opening and account with us, as the more savings we have, the more high cost credit we can clear.”
