Millions of people are likely to take out high interest loans over the Christmas period to help them get through until the next pay day.
Labour AM Vaughan Gething was leading a short debate on the regulation of short term loans, on 7 December 2011.
Mr Gething highlighted research from R3, a group which represents most of the insolvency firms in Britain.
According to Mr Gething people taking out the loans often have to pay 300% interest and in some cases 4000%.
Local Government Minister Carl Sargeant welcomed the debate and recognised the seriousness of the issue.
Mr Sargeant said the government would continue with its support with the 22 credit unions across Wales.