Managing your Money & Debt

Managing your money and debt is something we all need to be mindful of. If you find yourself in debt don't panic. Do not ignore the problem; it will not go away without you taking action. Debt can be a very frightening experience and you can feel as if everything is out of control. Bishopstown Credit Union advises its members to take immediate action. Members who are having problems should contact us and arrange an appointment to speak to a member of staff. Take control and get on the road to financial recovery.

Why not check out the Online Budget Calculator to see where you could save.

• Case Study 1: Cara and moneylenders

Cara relies on her social welfare payments to make ends meet and has no other income. Just over 3 years ago she was offered easy credit from a moneylender. She returned to the moneylender a number of times over 3 years and gradually her debt increased and her repayments were crippling her. She felt she had nowhere to return. Cara came to Bishopstown Credit Union and started received her social welfare payments into her Bishopstown Credit Union LINK account.

Some months later, Cara applied for and received a loan to repay the moneylender. She had been paying the moneylender over 25% in interest. Now she pays 6% and will have her debt repaid in under 12 months. There is light at the end of the tunnel for Cara who welcomes the financial independence that Bishopstown Credit Union has offered her.

Take the first step: Call to see us and organise your social welfare payments to be paid electronically into Bishopstown Credit Union to build a good savings history.

• Case Study 2: Jake and credit card debt

Jake never really worried about money. He never felt he had to until he was made redundant recently. Then his credit card bill landed on his doorstep. The bill had begun to mount since being made redundant as Jake continued to spend eventhough his income had reduced significantly. Jake luckily had some savings so could pay off his bill but he realised that if he kept his credit card, this would happen again.

Reluctantly, Jake winced his credit card from his wallet, cut it in two and returned it to the bank. Jake wanted a card he could use that would not leave him in debt. He wanted a card that he could use to book infrequent flights to visit family in England, one he could use abroad and one that he had control over. Jake decided to investigate. He looked at the options and made a list of what he wanted:

• Online access to funds
• A card that could be used online, instore and at ATMs
• A card that doesn't offer an overdraft facility
• Fee free personal finance
• An account that can receive electronic payments

Jake found Bishopstown Credit Union and called in for his DEBIT card as he still wanted the convenience of a credit card - without the bills. He got everything he wanted - and more. He even receives text alerts each time he uses the card so he can keep track of his spending.

Take the first step: Cut your credit card in two and return it to the bank and if you want a card that can be used worldwide but wont cost you anything call to us and ask for a DEBIT card. Check out our DEBIT card for more details.