Anyone struggling financially with the cost of living crisis is being urged to look to credit unions instead of payday lenders.
More and more Renfrewscher families are using cash instead of bank cards to better manage their money and spending.
The Post Office said in July he processed £801 million in personal cash withdrawals. This is the highest since records began five years ago.
Don't miss the latest headlines around Renfrewscher. Subscribe to our newsletter here
It is also a time when borrowing money puts a considerable strain on people's pockets. Interest rates put even more pressure on families as they struggle to make ends meet.
Yvonne Hughes, Affordable Credit Officer, Renfrewshire Affordable Credit Alliance, said:
"However, as interest rates rise, so does the cost of borrowing money, and lenders are more selective about who they lend to, making it harder to earn credit.
“If someone is looking to borrow money for a living, there are options other than borrowing from mainstream lenders such as banks and credit cards. It includes a loan or borrowing at a low interest rate from one of Renfrewshire's five credit unions.”
It is structured to help people access fair and affordable forms of credit.
We exist to champion fair and honest finance and to ensure better choices that help all people, regardless of income level, reduce their risk of falling into troubled debt.
Yvonne confirms that many people are increasingly concerned about their money, utility bills, and other bills. I am changing my spending habits and even considering borrowing to make sure I am in good hands. is paid.
Payday loans come with some risks The interest rates that come with loans mean that the amount you need to repay is significantly higher.
It can also negatively affect your credit score, which in turn affects your ability to take out mortgages, financial commitments, or credit cards.
Some mortgage providers will refuse to lend to individuals who have used Payday her loans in the past.
There are people seeking help by being able to provide supplies to their families if needed. When you can afford a more flexible way to keep your family from converting, let them pay you back. Borrow desperately.
Yvonne explains:
"All of the providers we work with are local to us, preventing people from relying on payday loans and Pay Now services."
Money See www.raca.org.uk
Download Free Renfrewshire Live Get all the latest news, features and sports in your area. Available for both Android and Apple. DOwned here:smarturl.it/RenfrewLiveSocial
