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Tag Archive: #saving

  1. Debt Awareness Week 2024.

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    Debt Awareness Week 2024.

     

    This week is Debt Awareness Week, a poignant reminder about the impact that debt can have on individuals and families.

    Taking place from March 18th – 24th, it’s an initiative that aims to shed light on the issue of debt and to offer support to those grappling with its consequences, reassuring them that help is available for those who need it.

    Why debt awareness matters.

    Debt is a complex and often stigmatised subject, yet it is a reality for millions of people worldwide. From mounting credit card bills to overwhelming loan repayments, the cycle of debt can feel insurmountable without the proper knowledge and support. Debt Awareness Week serves as an opportunity to break the silence surrounding debt and to empower individuals with the information and resources they need to regain control of their financial wellbeing. It’s also an invaluable opportunity to reassure anybody struggling with debt that help is available.

    Together, by fostering debt awareness, we can:

    Educate by equipping individuals with the tools and understanding necessary to make informed financial decisions and navigate the complexities of debt management.

    Destigmatize. Shame and stigma often accompany debt, preventing individuals from seeking help and exacerbating their financial struggles. By fostering open and honest conversations about debt, we can eliminate the stigma surrounding financial difficulties and create a supportive environment where individuals feel empowered to seek assistance without fear of judgement.

    Empower. At Leeds Credit Union, we believe that everyone deserves a chance to achieve financial stability. Whether through debt consolidation loans or our Money and Budgeting Service (MABS), we are committed to empowering individuals to take control of their finances and work towards a brighter, debt-free future.

    Join us in spreading awareness.

    This Debt Awareness Week, we invite you to join us in spreading awareness and support for those affected by debt. Whether by sharing resources or simply offering an ear to those in need, together we can make a meaningful difference in the lives of individuals and families facing financial challenges.

    If you or someone you know is struggling with debt, you can contact us for support and advice here.

  2. Celebrate St Patrick’s Day In Leeds!

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    Celebrate St Patrick’s Day In Leeds!

    Given Leeds’ well-deserved reputation as a city in which there’s almost always something to do, you won’t be surprised to hear that anyone looking to celebrate Saint Patrick’s Day this weekend is in for a treat!

    March 17th is the day on which Irish culture and heritage are celebrated in all their glory in commemoration of Saint Patrick, Ireland’s foremost patron saint.

    Today, despite only being officially recognised as a public holiday in the Republic of Ireland and Northern Ireland, St. Patrick’s Day is celebrated all over the world. In fact, it’s celebrated in more countries than any other national festival, with revellers typically enjoying public parades, traditional Irish music sessions, the wearing of green clothing and, of course, a glass or two of Irish beer or whiskey. 

    There will be lots to do in Leeds City Centre this Sunday to mark the occasion, with a major St Patrick’s Day celebration planned. 

    Organised by the Leeds St Patrick’s Day Parade Committee, the day will feature lots of free entertainment, including:

    • The St. Patrick’s Day parade itself – join the procession at Millennium Square and take a journey through the city alongside a wave of colourful rafts and walking displays!
    • Family fun in Millennium Square between 10.30am and 4pm, featuring a variety of performers and artists.
    • Music from pipe and brass bands. 
    • Refreshment stalls, rides for children and a bar for adults.

    For more information, visit: https://www.millsqleeds.com/whatson-event/st-patricks-day-parade/

    Sláinte!

  3. We’ve Been Nominated For Two Consumer Credit Awards!

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    We’ve Been Nominated For Two Consumer Credit Awards!

    We’re delighted to be in the running for not one but TWO Consumer Credit Awards – and not only can you help us win them, you could win £1,000 just for taking part!

    We’ve been nominated in both the ‘Best Credit Union (North)’ and ‘Best Credit Union Loan Provider’ categories. If you think we deserve to win, we’d love it if you took a moment to vote by following the link below and answering a few short questions about your experiences with us. All voters are entered into a draw to win a £1,000 cash prize!

    https://smartmoneypeople.com/consumer-credit-awards/review/leeds-credit-union-reviews/loans

    Run by the financial services experts at Smart Money People, the Consumer Credit Awards recognise the achievements of organisations in the credit industry – including loan providers, credit unions, credit information partners, retail finance and more. It’s up to consumers to vote, making the awards both unique and a true endorsement of customer satisfaction. 

    Unlike other awards, the winners of the Consumer Credit Awards are decided solely by customers, making winning one particularly satisfying!

    Jacqueline Dewey, CEO at Smart Money People, said: “In the last 12 months we’ve seen consumers face increased costs of living and multiple interest rate rises. These factors have undoubtedly resulted in another busy year for the credit industry. The Consumer Credit Awards recognise those companies that continue to go above and beyond. Thanks to the data we collect with our reviews, the Consumer Credit Awards are an endorsement of customers’ experiences and a symbol of the UK’s very best companies. We can’t wait to see who consumers decide will win in 2024.”

    Voting closes on July 11th.

  4. The Recession – Leeds Credit Union’s Perspective.

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    The Recession – Leeds Credit Union’s Perspective.

    Upon hearing the news that the UK fell into recession towards the end of 2023, many people are understandably anxious, including our valued members and our staff. After all, recession – defined as ‘a fall in gross domestic product (GDP) across two consecutive three-month periods’ – invariably introduces a wave of uncertainty, particularly around financial stability.

    Understanding the recession.

    According to the news, the recession came about as a result of the UK economy shrinking by a sizable 0.3%. This followed previous reductions between July and September, while the annual growth for 2023 stood at a mere 0.1%. 

    While this may seem bleak, people may be reassured by the fact that economic downturns actually create an environment in which it becomes possible to reassess and adapt our financial strategies, so there are some causes for optimism.

    Impact on personal finances.

    A recession will almost certainly make people worry about their personal finances, with the struggling economy increasing the prospect of tighter personal budgets, job uncertainties and falling incomes.

    Unfortunately, the looming shadow of inflation is unlikely to put anyone’s mind at rest either.

    As the Bank of England lifted interest rates to tame inflation, the pace of price rises stood at an alarming 4% in January – double the bank’s 2% target. For personal finances, this indicates a potential reduction in purchasing power, affecting everything from daily expenses to significant outlays such as mortgages and loans.

    Leeds Credit Union stands with you.

    As your credit union, we understand the concerns of our members. 

    Our role is to help you navigate and weather this financial storm and we believe that providing guidance and tailored services to safeguard your financial health during these tough times are just a couple of the ways in which we can do so.

    Rest assured, we are developing strategies to meet the potential challenges that lie ahead. These include: 

    • providing financial counselling to our members to help them manage their debts; 
    • facilitating access to affordable credit to prevent over-reliance on high-cost lenders; and 
    • providing resources to maintain a level of savings among our members.

    We are dedicated to helping our members adapt to fluctuations in their income and increasing prices. We understand the importance of reviewing and revising budgeting strategies, prioritising financial obligations and considering flexible repayment options.

    As we tackle this recession head-on, we remain unwavering in our commitment to remain a reliable financial partner to our members.

    Some good news.

    While the economic terrain may appear challenging, it’s worth noting that this particular recession has been described by Ruth Gregory, the Deputy Chief UK Economist at Capital Economics, as: “as mild as they come”. 

    For any LCU members struggling with their finances, we urge you to maintain open communication with us. Our dedicated team is ready and available to provide support and practical insights based on your individual circumstances and, more than ever, let’s remember that the essence of Leeds Credit Union is the principle of unity: members saving together and lending to each other at an affordable interest rate.

    With collective effort, thoughtful strategies and resilience, we can emerge from this stronger and more financially robust than before.