Action Plan to Support Credit Unions

‘Raising the Profile: Meeting the Challenges’, a three year action plan to support credit unions in Wales has been launched.

Gwenda said: "Credit unions are a marvellous idea, and over the past ten years they have come a long way. With support from the Labour-led Welsh Assembly Government, credit union membership has increased five-fold from 10,000 in 2000 to more than 50,000 by the end of 2009. This new plan will support the development of strong, sound and effective credit unions in Wales."

"The winter holiday has become a notorious hunting period for illegal money lenders as they look to take advantage of hard working families who need that extra bit of cash. In some extreme cases, loan sharks have been known to charge extortionate rates of interest, sometimes in excess of 1,000% APR."

"I would urge people to use the Neath Port Talbot Credit Union. The service is available for people to 'borrow with integrity with no hidden charges'. For more details, contact them on: 01639 632100 / 01639 632101 or visit their website."

During the current challenging economic climate credit unions are becoming an increasingly important provider of accessible and affordable financial services.
The action plan identifies a number of key objectives on how credit unions can achieve long term sustainability. Objectives include:

• Strengthening the governance of credit unions
• Increasing the number of credit union members
• Raising the profile of credit unions in Wales.