Credit Unions can help people to avoid the financial pitfalls of high-interest and illegal moneylenders this January, Rebecca Evans, Minister for Housing and Regeneration has said.
The Minister has launched an open and competitive grant application process for credit unions in Wales to apply for over £840,000 of Welsh Government funding for financial inclusion activities. This work helps to ensure people aren’t excluded from accessing safe savings products and affordable loans.
Minister for Housing and Regeneration Rebecca Evans AM said:
“Credit Unions in Wales deliver financial awareness education to adults and children in Wales; they help to equip people to make responsible financial decisions, and to avoid irresponsible high-interest doorstep, online and illegal lenders. Crucially, they also work to help people to overcome the problems that come with spiralling debt.
“This January, as people think about their finances after Christmas, it’s worth considering whether your local credit union can help you to meet your savings goals.
“I have launched a competitive grant scheme for credit unions in Wales to bid for £844,000 of Welsh Government funding from April this year for the next two years.
“We fund credit unions to deliver on our financial inclusion goals, so that everyone in Wales has access to appropriate and affordable financial services.”