Credit unions 'could save £1bn'

Plans to boost the growth of credit unions as an "antidote" to payday lenders and predatory loan sharks will save consumers up to £1 billion in loan interest repayments over the next six years, the Government has said.

A contract worth around £38 million to help people who are currently caught in a trap of expensive borrowing by encouraging credit unions to expand and modernise has been awarded to the Association of British Credit Unions (Abcul).
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