Financial mutuals in the news
Tuesday, November 11, 2008
Various movements in the building society and credit union sector as the prevailing world view on the economy continues to be turned upside down. Skipton and Scarborough Building Societies are to merge, which, as Mutual Money notes, should be seen as consolidation of the sector and its inherent strength rather than any sign of imminent collapse. The new enlarged Skipton society will be one of the top 5 with close to 850,000 members, and no retreat from either Yorkshire base.
Elsewhere, as consumers find access to credit harder and the spectre of loan sharks and dubious consumer credit companies offering almost unaffordable rates, the BBC's Money Programme proposes credit unions as being an affordable alternative, with interest rates perhaps just one tenth of the equivalent doorstep companies. Watch it here for the next couple of days. Meanwhile Working Lunch reports on a new scheme to control and monitor loan sharks and their frequent links to criminal activities.
Elsewhere, as consumers find access to credit harder and the spectre of loan sharks and dubious consumer credit companies offering almost unaffordable rates, the BBC's Money Programme proposes credit unions as being an affordable alternative, with interest rates perhaps just one tenth of the equivalent doorstep companies. Watch it here for the next couple of days. Meanwhile Working Lunch reports on a new scheme to control and monitor loan sharks and their frequent links to criminal activities.
Labels: BBC, building societies, credit unions, loan sharks, Yorkshire
