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Warning over festive lure of easy cash from loan sharks

THOUSANDS of families are being forced to borrow from moneylenders because of pressure to spend money over Christmas, the Irish League of Credit Unions has warned.

Moneylenders are legally able to charge up to 185pc, with average rates of between 40pc and 50pc. But the rates being charged by illegal moneylenders are even higher, according to League of Credit Unions chief executive Liam O'Dwyer.

Recent research by the Combat Poverty Agency had revealed that 150,000 people in Ireland are using moneylenders, Mr O'Dwyer said.

And research carried out in University College Cork uncovered the shocking fact that one-in-four people at post offices on welfare day were in the grip of moneylenders.

"This is the time of year when people are most susceptible to the easy-money promises of moneylenders, who gloss over the frighteningly high costs involved," Mr O'Dwyer said.

"People are legally being charged up to 188.5pc interest on such loans by legal moneylenders -- and even worse by illegal moneylenders," he added.

The League of Credit Unions has launched a campaign entitled 'Keeping the Wolves From The Door This Christmas' to encourage people to use credit unions instead of moneylenders.

The head of the credit union body said Irish people were set to spend more on Christmas than any other Europeans.

Irish households will spend on average €1,431 on Christmas this year, an increase of almost 7pc over last year.

"Incredibly, this will see Ireland retain its top spot in Europe's spending league," Mr O'Dwyer commented.

The UK was placed second behind Ireland with an average household spend of €1,007.

This situation was placing enormous pressure on tens of thousands of Irish families and individuals to give in to the pre-Christmas pressure to spend.

"Spending more than you can realistically afford will cause real difficulties both financially and emotionally after the glow of Christmas has faded," warned Mr O'Dwyer.

"Personal borrowing in Ireland is at record levels and given the present financial and economic uncertainties, it's vital for people to manage their pre-Christmas buying carefully."

The credit unions body advised people to:

l Set a budget and stick to it.

l To make a make a list so you know what you want to buy.

l Avoid starting the New Year with massive debts, so be realistic about what you can spend.

l Pay cash where possible and avoid borrowing 'expensive money' via credit cards, store cards, catalogues, money lenders.

l If you have to borrow money, keep the amount to a minimum and go to your local credit union which offers very competitive rates.

Source:-http://www.independent.ie/national-news/
warning-over-festive-lure-of-easy-cash-from-loan-sharks-1236252.html