Search

Euro-MP in town for launch

PUBLISHED: 08:00 15 January 2010 | UPDATED: 09:07 01 August 2010

EURO-MP Richard Howitt helped to launch a credit union in Halesworth that will help families struggling to make ends meet.

Marking the start of European Year of Action Against Poverty, the Labour East of England MEP was in the town on Friday to support the new service as it emerged that some loan sharks in Suffolk had been charging more than 500pc interest from desperate families.

EURO-MP Richard Howitt helped to launch a credit union in Halesworth that will help families struggling to make ends meet.

Marking the start of European Year of Action Against Poverty, the Labour East of England MEP was in the town on Friday to support the new service as it emerged that some loan sharks in Suffolk had been charging more than 500pc interest from desperate families.

The Rainbow Savers credit union is based in Halesworth library and will be staffed by volunteers every Friday between 11am and 1pm. It was officially opened by Mr Howitt and town council chairman Sandra Leverett.

Mr Howitt said: “Halesworth Rainbow Savers will encourage responsible saving and borrowing in the local community, which is vital during this credit crunch. It will fill a gap that often allows loan sharks to prey on people facing money problems.”

Credit unions make loans to regular savers for emergencies at very low actual interest rates.

They are fully regulated,

not-for-profit organisations that help people to manage relatively small sums in an easy way.

Halesworth Rainbow Savers will be a branch of Rainbow Saver Anglia Credit Union based in Lowestoft and is supported by Churches Together in the Blyth Valley, the town council and Halesworth Lions Club.

Money can be kept aside safely for many needs, including Christmas, birthdays, holidays and car replacements with the knowledge that it will not be lost or used inadvertently for something else.

Most Read

Most Read

Latest from the Beccles and Bungay Journal

Hot Jobs

Show Job Lists