By Pamela McGowan

Last updated 13:24, Saturday, 22 November 2008

A new credit union has been launched in Brampton to help people take control of their money.

Thrifty: Beverley Chandler, manager at Brampton Community Centre, with Mandy Johnston, credit union development officer. A new branch was launched this week

It means people all ages – from babies to pensioners – can save without visiting a bank or building society.

And after saving regularly for a short time, they can borrow money at a low interest rate from the co-operative.

The credit union, a branch of the Carlisle and District Co--operative, held its first session on Wednesday at Brampton Community Centre.

Initially it will be open once a week, from 10am until noon every Wednesday, with added sessions for younger people. Opening times may be extended if needed.

Beverley Chandler, community centre manager, believes it will be a valuable facility.

“When we were approached and asked if we’d like to become a collection point we felt that as a community resource it would be good for the people of Brampton to be able to save with a credit union, and have the benefits currently on offer to people in Carlisle,” she said.

“Not everyone has a bank account or can get to their bank or building society regularly. They also risk having to take out high-interest loans and getting into even more debt.

“Saving even just a few pounds a week can make a real difference and now they can do it in their community centre.”

She added that they are also planning to introduce collections during the weekly youth club and day care sessions.

This means that children, young people and those who find it difficult to get out and about can still take part.

Mrs Chandler said: “It gets them used to saving money and watching it grow until they can afford something they really want.

“Kids can have bank and building society accounts but this is an easy way to put money in and take it out.”

The Carlisle and District Credit Union was formed three years ago and is used by people from all backgrounds and financial circumstances.

It has about 1,000 members, who must save for a minimum of eight weeks before they are entitled to borrow.

The amount loaned can be no more than double their savings and they can save up to £5,000, entitling them to a £10,000 loan. When repaying loans, people are also encouraged to save.