MADAM – We need to celebrate the work of credit unions.

On Thursday, October 16, credit union members around the world are invited to celebrate International Credit Union Day, an annual event begun in 1948 that commemorates the movement’s impact and achievements.

As many readers may know, credit unions are financial co-operatives that provide a real alternative to high street banks and organisations like pay-day lenders who make profits from their customers.

They provide safe and rewarding places for members to put their savings and access to loans at very reasonable rates when required and repayable.

What most readers may not know, however, is that world-wide, there are 57,000 credit unions operating in a total of 103 countries with nearly 208 million members.

Strangely, the profile of credit unions in the UK is not as great as it could be.

The pronouncement of the Archbishop of Canterbury, about how he wanted credit unions to put the likes of Wonga out of business, certainly has helped.

The support for the International Credit Union Day from the Duchess of Cornwall will also assist the cause.

However, we are proud to remind everyone that we have our own credit union, based here in Stroud.

The Stroud Valleys Credit Union (now trading as ‘Save ‘n’ borrow Credit Union) has its main office at 2 Brunel Mall, adjoining the multi-storey car park on London Road.

This is open to the public between 10am and noon on Mondays, Wednesdays, Fridays and Saturdays, when information is available and new members can join the credit union.

There are also part-time bases in Nailsworth, Stonehouse, Berkeley and Dursley.

For more information go to www.svcu.org.uk or call (01453) 298785.

Colin Keegan

Save ‘n’ Borrow Board member