The Haverhill branch of the Eastern Savings and Credit Loans Union is encouraging people to avoid Yuletide debt by taking advantage of its Christmas Savings Club.
Members of the union, which is based at the Havebury Housing office in High Street and is open from 10am to 1pm on Monday and Wednesday, pay into the savings account before being allowed access to their money in November.
Debt counselling services are at their busiest at this time of year, the Citizens Advice Bureau deals with 6,389 debt problems a day throughout the year alone.
Many people’s New Year resolutions involve paying off debt, however for those not fortunate to be in this position, the situation can be bleak.
Yet while many understandably focus on their debts and how they might deal with them, how many people have ever considered saving as a way out.
In the UK more than 9.24 million people have no savings at all, and a further 3.43 million have under £1,500 saved.
This is a massive issue and one that fuels the debt cycle and reliance on debt as a means to get by.
This is where Credit Unions are different.
Credit Unions are financial cooperatives designed to help people save and are run for the benefit of their members.
Eastern Savings and Loans Credit Union has been helping its members save for over a decade now, and offer services designed to encourage financial awareness.
It offers savings accounts for both adults and children, and even pays dividends on savings when the credit union makes a profit.
Call the Haverhill branch on 01440 718460 for information.