Finance news from Loans Park

London (loans-park) July, 22 2006: According to a survey credit unions are suggesting people to stop procuring costly home credit. 1,500 credit union members from 17 credit unions were asked questions during a study of British Credit Unions. Over one in five members confessed that they had used home credit at one point of time, but 41 per cent of these were not using home credit as a result of joining the credit union.16 percent have used less home credit after becoming a member.

Associations of British Credit Unions chief executive Mark Lynette said that these report indicated how these credit unions were approaching to the people in their communities and offered an invaluable support from which credit union could determine their current and future course of action. He continued that such moves would assist credit union membership and easy credit and saving chances that came along with it to many people in years to come.

However, he opined that the tendency to buy more durables was temporary; consumers’ long-term financial capability remained a matter of anxiety. Slow earning growth, soaring utility bills, higher tax burden, rising debt levels, pension problems, inadequate employment were all main barrier for the consumers to attain financial stability.