The treasurer of a credit union has said that there are ways for people to avoid loan sharks and unmanageable loan debts.

Len Horner spoke at the second anniversary of Yeovil and District Credit Union last week, saying he couldn't understand why national media failed to mention credit unions as an alternative when reporting on cases of doorstep lenders and outrageous interest rates.

To support his claim, Mr Horner produced three cuttings from national newspapers, all describing cases of individuals paying interest rates of up to 164 per cent after having taken loans with what was described as doorstep lenders.

"People needn't be in that situation, there are alternatives," Mr Horner said before adding that the national media did not seem to know anything about credit unions.

Many people probably don't know about them despite the fact there were 600 plus in the UK in 1999.

Mr Horner also said that credit unions traded under strict regulations that make members' money virtually as safe as they would be with any bank.

In short, a credit union offers various "affordable" financial services such as saving and loan facilities to its members, who must share a common bond to qualify for membership. A common bond can be that members must live or work within a specified geographical area or have the same employer, for example.

Certain rules apply, with members having to save regularly for a set period of time before being able to apply for a loan.

YDCU celebrated its second anniversary last week at the Markwick Centre, Yeovil, where members enjoyed refreshments and short speeches by committee members.

The membership has climbed to almost 250, which means the organisation is closing in on its 400 target.

YDCU is welcoming new members and is also looking for people with IT and PR skills willing to give a few hours each week.

Those interested can visit the collection points at Yeovil Library on Tuesdays from 10.45am-11.45am or Vicarage Street Methodist Church on Fridays from 9.15am-11.45am.

Information can also be obtained from secretary June Sharp on 01935 427731.