Religious leaders offering financial advice is a good idea, says Bishop of Bolton

The Bolton News: From left, the Archbishop of Canterbury, Justin Welsby, The Right Reverend Chris Edmonson, Bishop of Bolton, and Cllr Kate Lewis From left, the Archbishop of Canterbury, Justin Welsby, The Right Reverend Chris Edmonson, Bishop of Bolton, and Cllr Kate Lewis

THE Bishop of Bolton has backed the Archbishop of Canterbury’s plans to offer money advice in church.

Bishop Chris Edmondson has been a leading advocate for the use of credit unions to stop people turning to pay-day loan shops when they fall on hard times.

He said the launch of the Church Credit Champions Network, which will see religious leaders train up to offer financial advice and use church buildings to help customers with new accounts, was a good idea.

The scheme will start in three pilot areas initially — the diocese of London, Southwark and Liverpool.

The Bishop said: “I’m very supportive of credit unions like Hoot in Bolton as a trustworthy alternative to the pay-day lenders that charge obscene amounts of interest, and what’s happening in the Church of England is very much in line with that.

“We will be watching very closely what the pilot scheme achieves, and whether we can make even more of a contribution by being part of the network.

“The idea is to partner with the credit unions, not to replace them, and as faith communities we are already working very closely together.”

Cllr Kate Lewis, Bolton Council’s newly elected member for social inclusion, applauded the fact that the Church of England has consistently spoken out against pay-day lenders.

Before Christmas she petitioned against the proliferation of the “quick cash” shops in the town centre and to make people aware of the pitfalls of taking out a loan with them.

She said: “The only way to stop people using pay-day loan companies is to provide a real alternative, and I think it does work when different organisations provide different things.

“Credit unions are a genuine alternative to banks, for people who want to borrow or save ethically.

“I think government needs to play a role to — until credit unions are promoted, and people realise they are a safe place to put their money into.”

Comments (3)

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1:50pm Thu 29 May 14

Jim271 says...

Many banks have investments in companies like Quickquid and Wonga.

It makes sense for them to refuse people overdraft facilities at 20% interest and force them to take payday loans at 2000% interest.

Never buy anything you do not need is the best advice going.
Many banks have investments in companies like Quickquid and Wonga. It makes sense for them to refuse people overdraft facilities at 20% interest and force them to take payday loans at 2000% interest. Never buy anything you do not need is the best advice going. Jim271
  • Score: 1

2:28pm Thu 29 May 14

Endoxa says...

Not exactly a new idea - Christians Against Poverty (CAP) have been advising/ helping people with debt problems for years.
Not exactly a new idea - Christians Against Poverty (CAP) have been advising/ helping people with debt problems for years. Endoxa
  • Score: 4

4:01pm Thu 29 May 14

JohnnyDale says...

"Religious leaders offering financial advice is a good idea, says Bishop of Bolton"

Well forgive me for stating the bleedin' obvious, but he would wouldn't he.

Tyre fitters offering financial advice is a good idea, says CEO of Kwikfit.
Football managers offering medical advice is a good idea, says Chelsea Manager.
Politicians offering spritual advice is a good idea, says Minister for Transport.

Personally I will continue to recommend _appropriately_ qualified professionals for advice, and the only advice that religious leaders are appropriately qualified to give is on whose imaginary friend is the best.
"Religious leaders offering financial advice is a good idea, says Bishop of Bolton" Well forgive me for stating the bleedin' obvious, but he would wouldn't he. Tyre fitters offering financial advice is a good idea, says CEO of Kwikfit. Football managers offering medical advice is a good idea, says Chelsea Manager. Politicians offering spritual advice is a good idea, says Minister for Transport. Personally I will continue to recommend _appropriately_ qualified professionals for advice, and the only advice that religious leaders are appropriately qualified to give is on whose imaginary friend is the best. JohnnyDale
  • Score: 1

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