Tracey recently met with the Kent Savers Credit Union in order to highlight the benefits of financial co-operatives and to deter local residents from using short term, high interest lenders.
Tracey met with Chief Officer John Fowler, with whom she discussed plans to reduce the amount of high interest lending occurring within the local area. The pair also discussed ways to prevent payday loan companies taking advantage of the current economic climate, as residents struggle with an increase in the cost of living. At present, the payday loan industry is worth an estimated £1.2 Billion.
Since her election Tracey has spoken on debt issues on a number of occasions and is a strong supporter of co-operatives and credit unions, who often provide a much better alternative to high cost lenders such as payday loan lenders
Speaking after the meeting, Tracey said: “It is essential that we encourage people to avoid the lure of doorstep lenders, loan sharks and high interest payday loans. Financial co-operatives are safer, cheaper alternatives that offer both safe saving and ethical lending, and in the present economic climate also offer a better deal. I’m currently in the process of putting my money where my mouth is and filling out a form to join the credit union”
Speaking after the meeting, John said: “We are delighted that Tracey is joining Kent Savers. We are here for everybody in Kent and Medway and, because we are a ‘not-for-profit’ organisation we guarantee that we will not exploit our members. We offer the very best financial services and expect to deliver an attractive dividend again this year.”
For further information about Kent Savers Credit Union visit www.kentsavers.co.uk