Credit Unions

Part of Question Time — Scottish Executive – in the Scottish Parliament at 2:30 pm on 13 March 2003.

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Photo of Des McNulty Des McNulty Labour 2:30, 13 March 2003

Credit unions can help their members avoid the need for the last-minute solutions in the Debt Arrangement and Attachment (Scotland) Act 2002. Low-cost loans, affordable forms of credit and the other financial products that they offer all help people to manage their finances better and avoid getting into debt.

We are keen for credit unions to encourage children to start the saving habit early. Many credit unions already do that. Capital Credit Union and Craigmillar Credit Union both have junior saving schemes. We are keen for other credit unions to extend those schemes and we will consider how they can provide them.