Thousands of credit union members are enjoying a worry free Christmas courtesy of their local credit union.

New Zealand Association of Credit Unions, Chief Executive Officer, Henry Lynch said, "Over $11.8 million dollars has been saved by credit union members in 2010, for the purpose of making their Christmas with their families easier."

"Many credit union members enjoy having a worry-free Christmas with their families. Saving for Christmas enables members to start the New Year without the hangover of huge debts to pay off", said Philippa Wills, NZCU Lakeland General Manager.

Christmas accounts help over 28,000 credit union members establish regular savings habits every year. Members appreciate the freedom of being able to celebrate Christmas with family without the burden of debt in the New Year.

"Christmas accounts are not money makers for credit unions, but they are a wonderful public service", said Mrs Wills.