Statistics from the Debt Advice Foundation show that Wales has the second highest debt-propensity index in the UK, and the third highest number of unsecured creditors with the highest payback period, of some 37.5 years.

Putting these statistics to the First Minister yesterday, Cllr Janet Finch-Saunders AM said: “These figures are shocking and must not be allowed to continue.

Short-term, high-interest, pay-day loan companies and loan sharks are targeting the most vulnerable people in Wales. Coming up to Christmas, this is a particularly pressing issue. The Welsh Labour Government must address this and do so now.”