Credit Union Services Should Be Offered Through Post Office Network

Credit union services should be expanded by offering them through the UK’s Post Office network, a new report from Consumer Focus argues.  The  research shows a third of consumers would be interested in joining a credit union, but two-thirds of these say they cannot because they do not think there is one nearby.  The 'Credit where credit’s due' report argues that offering credit union services through the Post Office would significantly increase their potential to provide a long-term alternative to High Street banks, especially for people on low incomes.  This could help plug a credit gap for low income consumers who turn to high interest, short-term loans, such as payday loans, as they can’t access affordable credit through banks.  It could also provide low income consumers who do not always trust High Street banks, with transactional accounts offered through a trusted provider. This would allow many to benefit from cheaper goods and services only available online or by direct debit.  Download a copy of the report from the Consumer Focus website.