Ceredigion MP Mark Williams is supporting the Credit Unions of Wales campaign to encourage Welsh savers and borrowers to choose this community based alternative to other financial organisations.
Credit Unions are financial co-operatives that are community-focused, and unlike banks, are owned and controlled by their members.
They are helpful to families or individuals on low-incomes who don't have access to the financial products of larger banks, and the emphasis on savings and low cost loans also provide financial education.
Mr Williams said: ‘In Ireland, around 70% of the population are members of Credit Unions, whereas in the UK that figure is less than 2%. I hope we can raised awareness and understanding around Credit Unions in Wales to assist those consumers who may otherwise borrow using payday lenders or who may be financially excluded for both loans and savings.
"If consumers choose to invest in Credit Unions, they not only contribute to the sustainability of the Credit Union itself, but also the sustainability of their local community. I hope more people who need access to financial services may consider using a Credit Union in future."
For more information visit www.findyourcreditunion.co.uk/home. The Cardigan based West Wales Credit Union can be contacted by calling 01239 621 408, or by emailing firstname.lastname@example.org.