“More people could benefit from what we offer’’: How Salford Credit Union can help families in the cost of living crisis

Families struggling with the cost of living crisis are being urged to seek help from Salford Credit Union.

The not-for-profit cooperative is seeing a big increase in loan applications from across the city as the cost of living crisis bites.

Salford Credit Union CEO, Mark Brazendale, said: ‘’We don’t want people suffering in silence when help is available.

‘’We put people at the heart of everything we do.’’

As a credit union, it provides savings accounts and low interest loans to members.

Membership is free but residency or occupation must be based in Salford. With 230,000 people living and working in Salford and fewer than 5,000 members, it is determined to expand but cannot afford more marketing.

UK food price inflation soared to a record annual rate of 11.6 per cent in October.

In response to the current climate, Mr Brazendale said the CU aims to work individually with members to get them through the next six months. Payment holidays and reduced repayments are some of the options available to help people get through the winter.

Below are five tips to help households get in control and make their money go further.

The more drastic and increasing danger is the use of loan sharks. Unregulated and unlawful, they pose a real threat to the most vulnerable in society.

Mr Brazendale explained: “It is estimated that over one million people in the UK now use the services of a loan shark.”

Those afflicted with financial difficulty should reach out to the union or call on 0161 686 5880.