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Kingdom Resources reaches $4m interest free loans!

For immediate release
MEDIA RELEASE 30.5.2014

Kingdom Resources reaches $4m interest free loans!

Kingdom Resources has this week reached $4 million of interest free loans (to date) made to people to help break the debt and interest cycles. It reached this milestone the same week that it celebrated 25 years helping people in the Christchurch and Canterbury communities.

In 1988 Kingdom Resources started lending money interest free to people receiving ongoing budget advice and who were committed to escaping the debt trap (consumer debt – not mortgages). The loans are made possible due to the generosity of ordinary people investing interest free, with The Kingdom Resources Trust. They receive no personal monetary gain - they simply invest in people.

"New Zealanders owe well over $6 billion in credit card debt alone. Once in debt, many people remain trapped by the ongoing monthly accumulation of interest.
The interest is crippling for many, especially when you know that a $2,000 loan taken out at age 18 won't be paid back until you're nearing retirement if you just repay the minimum amount each month," says General Manager John Exton.

"Clients are often blown away that people who they don't know are helping them to escape financial hardship. Many would love to be able to do the same thing for others in the future," said Exton. "For investors, they see it as a real opportunity to help make a positive difference in the lives of many".

The Kingdom Resources Trust was the vision of Howard Taylor, then a pastor at South West Baptist Church (formerly Spreydon Baptist). He saw that there were people in desperate need and trapped in high interest debt, while others had savings. He set out to connect the two via Kingdom Resources. It worked.

25 years since it began, Kingdom Resources offers budget advice, employment advice for those seeking work and access to interest free loans. It impacts the lives of more than 3000 adults and children each year.

ENDS

Background Information

• Kingdom Resources provides budgeting and employment services to people in Christchurch and North Canterbury. It has a team of over 100 trained volunteer budget advisors and 12 staff (8 part-time)

• It is a charitable organisation.

• Last year it helped more than 3,000 people (adults and their children) with budgeting and/or employment services.


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