http://cashpaydayloans.org.uk/news/payday-loans/welsh-assembly-debate-payday-loans - An interesting debate took place on the 25th January as the Plaid Cymru AM (Assembly Member) Simon Thomas brought the subject of payday loans...

1. Welsh Assembly debate Payday
Loans
http://cashpaydayloans.org.uk/news/
payday-loans/welsh-assembly-
debate-payday-loans

2. An interesting debate took place on the 25th
January as the Plaid Cymru AM (Assembly
Member) Simon Thomas brought the subject of
payday loans to the Welsh Assembly. Naturally it
was a political point scoring exercise as Simon
Thomas described payday loan companies who
“make an exploitation of those who have little or
no choice” as part of a members debate.
http://cashpaydayloans.org.uk

3. It is a well-advertised fact they short term loans
are both unsecured and designed to be repaid
when the borrower is paid by their employer. The
main focal point of Mr Thomas was the ease of
which people can get access to the loans and the
lack of clarity over the APR (Annual Percentage
Rate)
http://cashpaydayloans.org.uk

4. The key issue is that 45% of the welsh population
are struggling to make their wages stretch to the
end of the month and payday loans provide a short
term fix. The problem as the politicians see it is
that if not repaid the borrower can end up causing
themselves greater harm than they are already
experiencing. This was emphasized by the
Conservative AM Mark Isherwood, who wants to
improve communication with the public by
“getting across the long term implications”.
http://cashpaydayloans.org.uk

5. Encouragingly most parties were more interested in looking
at the causes that drive the need for short term credit as
well as examining other ways of giving the public access to
credit. Tabled ideas included looking at the introduction of
money management into schools to help the next
generations to understand how credit works and how to
better look after their own finances. In addition the concept
of credit unions is something that will be examined with an
aim to their creation. The idea being they will give people
better access to cheap credit. These credit unions will be
advertised in a national television campaign in February
2012 and run for one month. These will be advertised at the
same time as many payday lenders advertise on television,
during the day time. We look forward to seeing how well
used these new services are.
http://cashpaydayloans.org.uk