With a growing number of Barbadians unable to pay their debts, the island’s second largest credit union is taking a different approach.
Officials of City of Bridgetown Co-operative Credit Union, who reported a delinquency level that was “slightly below” what commercial banks were currently experiencing as a result of the economic climate, are telling challenged members to come in and let the credit union help work out a strategy to get them through their financial difficulties.
Senior collections officer Suzanne Brice-Haynes, speaking at the Broad Street headquarters after COB’s 30th anniversary motorcade and product promotions yesterday, said members could take advantage of a remedial programme where their loan repayment period could be extended and financial management sessions offered.
Senior credit officer Joseph Holder said the credit union recognized that there was a downturn in the economy and as a result some members had lost their jobs and were struggling to meet commitments such as loan payments and mortgages. (AH)
