LONDON--A new credit union is being chartered here for members of the armed forces to help soldiers who are struggling with debt. With the effort led by Co-operative Party members of Parliament and Peers, the Royal British Legion and the government have said they will establish a credit union for British soldiers and their families. According to the government, one-quarter of British soldiers earn less than £21,000 annually and are often targeted by payday lenders.
In fact, the British Royal Legion announced earlier this year that the number of members using its debt-advice service has risen by 450% between 2007 an 2011, with an estimated 11,000 having “unmanageable” debts.
The credit union is expected to be operating by July of 2015. The Ministry of Defence said it is also working on financial education materials for members of the military.