Loan sharks are leading to distress, worry and the loss of more money says Communities & Tackling Poverty Minister Jeff Cuthbert. His comments come as part of the launch of the 'Don't Get Bitten' campaign.
The project aims to open up the debate around illegal money lenders and find solutions to the growing trend of people in Wales seeking financial help from loan sharks.
A campaign launched between Community Housing Cymru (CHC) and the Wales Illegal Moneylending Unit (WIMLU) aims to find solutions to the problem of illegal money lenders.
The campaign is being supported by The Archbishop of Wales Barry Morgan, Assembly Minister for Communities and Tackling Poverty Jeff Cuthbert AM and Sian Williams of Toynbee Hall.
A advert designed to illustrate how people can find themselves in debt after going to illegal money lenders has been released. It's all part of the 'Don't Get Bitten' campaign, which launches today.
The 'Don't Get Bitten' campaign launches today. It aims to combat the problem of illegal money lenders.
Across Wales there has been an increase in the number of people turning to illegal money lenders to help make ends meet.
Figures from the Wales Illegal Money Lending Unit (WIMLU) suggest a dramatic increase in the number of people in Wales turning to loan sharks. One case being investigated by WIMLU involves over 400 victims across South Wales.
Thousands of young people in Wales will be getting lesssons on how to look after their money. 'My Money Week' comes as leading finance experts warn that youngsters need better training if they are to look after their cash properly as they grow up.
Schoolchildren across Wales are to be given lessons about money and personal finance.
The charity behind the programme says it is aiming to create a society in which all children and young people have the skills, knowledge and confidence to manage their money.
Launched today at Cowbridge Comprehensive in the Vale of Glamorgan, 'My Money Week' is a new partnership between financial education charity PFEG (Personal Finance Education Group) and Barclays bank.
The school is one of 150 organisations that have signed up to participate.