With huge pressure to have the latest gadgets, Lee got himself into high-cost debt with rent-to-purchase stores and doorstep lenders. It had got to the point where he couldn’t afford essential white goods.
Lee has been a member with us for 8 years and this is his story.
Back in 2012, Lee opened his account with us. His wife introduced him to the credit union when he was struggling financially. Lee initially thought the credit union was a good way to save but didn’t realise the borrowing opportunities a credit union could offer.
‘There was a huge pressure to get the new gadgets and it came to a point where we couldn’t afford items such as a fridge/freezer’.
This is when he turned to the credit union.
Saying goodbye to high cost lenders
Since becoming a member, Lee’s financial position has changed dramatically and he is no longer in a harmful cycle of debt. He has access to affordable credit when he needs it and enjoys the fruits of saving.
Lee has said goodbye to high-cost lenders and has been able to get the better of costly interest. He now benefits from our credit union services that work more smoothly for his financial needs.
The Future
South Manchester Credit Union has helped Lee develop his financial planning skills. Now, Lee worries less about unforeseen expenses and it has helped him create a budget that suits his family and him.
“I have less worries going forward. I haven’t got to worry if the washing machine, television or the computer breaks. So, it just means I can put myself in a better position to plan for things. I am able to budget myself for birthdays and Christmas. The way the loans work, I know how much I am saving and get a better understanding of my finances”.
Over the years, Lee has shown commitment to his financial wellbeing. This has helped him escape financial hardship and end what he thought would be an endless cycle of debt. Sometimes things can arise and it can be hard to take care of your financial health but it’s the steps you take to overcome the issues that make all the difference.
