More than 177 million credit union members around the world will celebrate International Credit Union Day today to honour the credit union movement’s history and achievements.
The Cumbria Debt Rescue & Money Advice Partnership (DRAMA) has chosen the Internationally recognised day to reassure Credit Union Members about the security of such organisations as financial chaos continues to occur within mainstream institutions.
DRAMA is a broad partnership involving representatives from Cumbria’s Credit Unions, Social Landlords, Local Authorities and the Citizens Advice Bureau. It has been established to help people who feel financially excluded, many of whom are living on low incomes and cannot access mainstream financial products.
Commenting, Robert Porter, Chair of the DRAMA steering Group said:
“In this current financial climate and with Christmas just around the corner, many people are naturally concerned about their savings. Credit unions are a practical alternative to high-street banks, offering a wide range of financial services and having the added benefit of being owned and conttrolled by its members, for its members. In that respect they are well protected from the present economic instability.”
Earlier this year DRAMA launched their Financial Inclusion Strategy that aims to help those affected by financial exclusion by enabling them to open a basic working bank account and gain access to good individual financial advice and counselling. Over the next five years, the strategy’s objectives include providing people with access to more affordable insurance and credit, as well as encouraging more people to build up their savings.