CREDIT UNIONS

Motion Text

That this House regrets the growing problem of personal debt, which has trebled in the last decade, and the startling rise in numbers of people declared bankrupt over the same period; notes that aggressive marketing techniques are used too commonly by irresponsible lenders; pays tribute to the valuable and underestimated work carried out by credit unions in providing a non-profit, ethical and local alternative to financial management which encourages members to save regularly, provides low-cost loans to members and encourages careful money management amongst members; and calls on the Government to outlaw aggressive credit promotion.