Justin is one of the most recognisable and trusted market commentators on television, radio, and in the press.
Originally trained as a lawyer, he has observed the retail market industry for 20 years whilst at Barclays Stockbrokers and developed a unique understanding of the market’s roles and benefits for the private investor.
Each week we will bring you Justin’s latest thoughts and commentry.
For a taster of this week’s article please continue to read…
Time again for Credit Unions
Up The Unions
At last some viable and acceptable competition for the loan sharks (those who are politely known as ‘pay day loan companies’). These bottom feeders that prey on the weakest in society are designed to make handsome profits out of usury. They have been allowed by a weak and pathetic government to get away with charging eye watering rates for short term loans aimed mostly at those least able to manage them. Such exposed people do not need more paraffin to enflame a fire; they need help to put the fire out
Enter then a little known but often overlooked Victorian invention, the Credit Union. These are non profit making mutuals that can provide short term lending for their members. Credit Unions are community-based, not-for-profit co-operatives in which members pool their savings to offer each other credit. The Treasury has recently confirmed it will introduce legislation to raise the interest rate ceiling on credit union loans from 2% to 3% a month following due consultation with lenders. 3% a month works out at an APR of 42.6%.
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