Nick Smith MP Labour MP for Blaenau Gwent
Nick Smith MP has welcomed a credit union’s efforts to encourage shoppers to spend responsibly in their town.
The Blaenau Gwent MP was at the launch of Smart Money Cymru’s loyalty scheme in Tredegar, designed to encourage people to use credit union services and spend in town at the same time.
Members of the credit union can use their Smart Spend Prepayment Card to get rewards and discounts in town while also avoiding overspending or other financial problems.
Mr Smith has been backing credit unions since revealing pay day lenders Wonga had loaned more than £1m in a year to people in Blaenau Gwent.
Speaking at the Aneurin Bevan House launch, Mr Smith said it was great to see the community working together to support the local economy and people’s finances.
“I am a strong believer in alternatives to high-interest, quick fix credit from the pay day loan companies because it is so easy to start a downward spiral of debt”, he said.
“The credit union is looking to support its members, not make profit off them. This is a great service and as a member myself I am pleased to see it being pushed out in Blaenau Gwent.
“This scheme is offering important financial education for those who need it. People shouldn’t have to learn these lessons on their own the hard way.”
Alun Taylor, chairman of Smart Money Cymru, said this was an important step to ensuring more people in Blaenau Gwent knew about the service on their doorstep.
“It’s important because there are real issues facing people in Blaenau Gwent such as debt”, he said.
“This is a real opportunity after many years of running to bring this service into the high street.”
To learn more or set up an account, call 02920 883751 or visit www.smartmoneycymru.co.uk