Credit unions “Say No to Debt Row”
05 Oct 16
Cambrian Credit Union is part of a campaign to encourage consumers across Wales to “Say No to Debt Row”.
The campaign aims to increase awareness of the benefits of credit unions and to help people avoid high cost lenders and decisions that can lead to over-indebtedness.
The campaign has won the support of the celebrated Welsh actor Michael Sheen OBE (pictured), who said: “As Patron of Credit Unions Wales I am fully supporting the 'Say No to Debt Row’ campaign. In the run up to International Credit Union Day 2016, I want to increase awareness of the many fantastic credit unions across Wales, your own local financial cooperatives!”
The latest Bank of England statistics show that credit unions in Wales serve over 79,000 members (including over 13,500 junior savers) who are saving £36.6 million and borrowing £21.6 million – often at much better rates than are available from many other lenders.
Although credit union membership in Wales grew by 6.3% in the year to March 2016, the Say No to Debt Row campaign aims to attract many more people to credit union membership, especially to shield people in vulnerable communities from a “debt sentence”.
Cambrian Credit Union Business Development Manager Sandy Williams said: “At this time of year, retailers gear up for the festive spending season and people succumb to high interest loans and credit cards to fund Christmas. Often these are the people who least can afford those high interest rates.
“We don’t have a huge advertising budget to match that of the payday loans companies and credit card companies, but we do have goodwill.”
The campaign runs up to International Credit Union Day on 20 October, and supporters of credit unions can back the campaign on social media by tagging @cambriancredu @CredUnionsWales on Twitter and using the hashtags #ICUday #NOdebtrow.