With the rising cost of living, many individuals find themselves trapped in a cycle of unaffordable repayments. Boom Community Bank, a local credit union, is stepping in with affordable debt consolidation loans designed to ease financial burdens and provide a path to stability.
The Money Box feature shed light on how credit unions, including Boom Community Bank, are offering lower-interest loans to help people consolidate multiple debts. Many borrowers struggle with credit card bills, overdrafts, payday loans, and catalogue debts, all accruing high interest. B
y combining these into one manageable loan with a lower repayment rate, Boom is enabling individuals to regain control of their finances.
Joseph’s Story: A Life Changed by Boom Community Bank
During the BBC feature, Joseph, a Boom Community Bank member, shared his journey of overcoming overwhelming debt. Like many, his financial troubles started small—an overdraft here, a credit card there—until they escalated to nearly £20,000 across multiple lenders. With repayments of £1,250 per month, he found himself struggling to make ends meet, avoiding phone calls, and missing out on daily life.
Boom Community Bank provided Joseph with a £9,000 consolidation loan, reducing his monthly payments to just £300. The impact was life-changing—Joseph could finally answer his phone without fear, enjoy outings with his daughter, and look forward to a more secure future.
A Better Financial Future for Local Borrowers
Boom Community Bank is committed to supporting individuals across West Sussex, Surrey, Kingston, North Hampshire, and Berkshire with ethical lending solutions. For those struggling with multiple debts, consolidation loans offer a practical way to lower repayments and regain financial confidence.
As a proud participant in BBC’s Money Box programme, Boom Community Bank continues its mission to make fair finance accessible to more people in our community. If you or someone you know is facing financial difficulties, visit Boom Community Bank to explore the support available.
For more information, visit Boom Community Bank’s website or contact us today.