IT may seem like Christmas is months away, but now is the time to start putting those pennies aside to prevent financial stress during the holidays.

North Wiltshire Credit Union (NWCU), based at the HEALS of Malmesbury Centre, are encouraging locals to start saving now so that when Christmas comes around, they’ll have money aside and an affordable loan at their disposal to help with seasonal bills.

Credit Unions offer loans with only two per cent interest, meaning that if money is tight around Christmas, borrowing money need not break the bank.

Alison Cross-Jones, volunteer general manager at HEALS, is aware of the struggles Christmas can bring on people’s wallets and is encouraging people to take out an account with the Credit Union.

“The days of being able to buy what you want thanks to a piece of plastic in your pocket are gone,” she said.

“In a period of austerity and cuts, people are being affected and we need to enable and empower them by providing alternative to high interest lenders. They need to feel there is a solution.

“We have to teach the next generation practices that have been lost and return to old fashioned values.

“If you can be self-sufficient, you rely less on additional support.

“For people to take full advantage of the Credit Union and build up savings and gather money for winter fuel and other Christmas costs, now is the time to join.

“We know people struggle at Christmas. We have in excess of a dozen people coming to us for help at HEALS during Christmas week alone. We need to show them help in available locally.

“Credit Unions don’t go through credit checks for borrowers as they have to have shown they have been saving in order to access loans from the organisation.

“That way when Christmas comes around, people have money saved and access to a low interest loan to get them through Christmas.”

Judith Fooks, Collection Point Co-ordinator for NWCU, believes Credit Unions provide a valuable service for local people.

“When you look at the percentage online lenders work at, you realised how important Credit Unions are,” she said.

“They’re a great way to save and provide a borrowing system that you can’t go into the red with.”

Gavin Grant, Chair of HEALS Malmesbury, echoed his colleagues sentiments. He said: “When something big happens like a car breaking down or another unexpected expense, people have nowhere to turn to.

“Without family support, people tend to look to payday lenders and then discover they have to pay back drastic amounts more than they borrow, which can ruin them financially.

“Credit Unions encourage people to save small amounts regularly and draw a loan against the savings. It avoids the position of falling into debt.

“When financial difficulties come along it can lead to increased stress and this snowballs to the point when people are struggling both financially and emotionally.

“We’re here to help people who are trying to help themselves and who need help.”

HEALS are currently appealing for people to donate piggy banks to them to help raise funds and encourage young people to learn the importance of saving money. If you would like to donate to a piggy bank to HEALS, ring 01666 238100 or email heals.malmesbury@gmail.com.