Don't get deeper into debt this autumnPublished Wednesday, 20th August 2014
With the kids about to go back to school and Christmas on the horizon, money matters are vitally important at this time of year.
With so much pressure to spend at times like these when low-cost credit is hard to acquire, high-cost lending has always been seen as a necessary evil. However, Rotherham residents are being advised about other, easier, ways to borrow from less shark-infested lenders.
In a bid to avoid residents getting, or falling deeper, into debt and to help manage money better, a easy to understand booklet has been produced which raises awareness of the dangers of high cost borrowing, shows what alternatives exist in terms of borrowing and where to find help for debt and money advice.
The booklet, called 'Your Money, Your Choice', is available for free from Citizen’s Advice Bureau, Credit Unions and is available here on the Council website. It will be available in other locations and events during September.
The booklet has been produced with partners including the Council and a number of other organisations who work to support people in crisis in Rotherham.
The booklet provides information about credit unions and bank accounts as well as free national and local support for people who are in financial difficulty.
The booklet was officially launched on Monday August 18 at the Rotherham Citizens' Advice Bureau building on Wellgate with Cabinet Member for Communities and Cohesion, Councillor Mahroof Hussain, and representatives from Rotherham Partnership.
Cllr Hussain said: "Getting into debt is like sinking in quicksand, the more you struggle the deeper you get, it’s only when you stop struggling and look for help when you can start getting out of it.
"With so many expensive demands coming up it’s going to be easy to sign up with a doorstop or payday lender. The speed and availability of these loans can make them very attractive, but the interest rates on these loans can be very high meaning that many borrowers are unable to meet the repayment costs and can soon find themselves in a spiral of debt.
"Yes, the kids need new clothes for school, yes, you want to give them the latest gadgets for Christmas, but, getting credit with exorbitant interest rates isn't the way to do it.
"The 'Your Money, Your Choice' booklet will help to raise awareness about this issue and show people who have already fallen into the debt trap how they can get help and help themselves.
"Don't spend another day in the quicksand, start pulling yourself out of it now!"