YORKSHIRE Coast Homes’ tenants in Whitby and the surrounding area are warned to watch out for loan sharks when they buy household goods or borrow money.
Money management officer Andy Rose for YCH, which has 4,500 homes in Whitby, Scarborough and Filey said: “Tenants should beware of hidden charges and enormous interest rates.
“Tenants should look instead at the North Yorkshire Credit Union, which helps people on lower incomes to get cheaper loans to buy what they need.
“There are shops that offer what appear to be low weekly payments when buying household goods but a close look at what interest is being charged and what other hidden charges there are people can end up paying far more than the item is available for elsewhere – in some case double.
“Similarly with loans companies, what can seem like a low weekly payment can easily climb out of control when huge interest rates are charged for borrowing the money.
“In both cases, people can end up with debts they didn’t expect that can be hard to get rid of, particularly in the current economic climate.”
“Any tenants who want advice on managing their money can contact us and we will be more than happy to help in any way we can.
“It’s far better that people seek advice than get themselves into a debt that can have far-reaching consequences for them.”
Yorkshire Coast Homes works with North Yorkshire Credit Union to help people on lower incomes and those who find it difficult to get bank accounts to manage their money.
Services include loans to help people buy household goods. Contact them on (01723)343395.