Enniscorthy Credit Union urges caution this Christmas
IRISH consumers will traditionally throw caution to the wind and splurge more in December than any other month of the year. Last year, business group Retail Ireland forecast that consumers would spend on average €2,654 in December alone. This is a significant €870 more than any other month of the year. In total, the group estimated that sales during the Christmas season would top a massive €4.5 billion.
Enniscorthy Credit Union is encouraging people in the Wexford area to avoid the pressure to splurge this year and to spend cautiously. If they do need to borrow, Enniscorthy Credit Union is urging them to borrow within their means and to shun high-cost moneylenders. The most vulnerable are often tempted to seek out moneylenders, whom they perceive as more convenient, at this time of year. However, with moneylenders charging APR rates sometimes as high as 288% * borrowing from them can often plunge people into unnecessary debt. In contrast, our interest rate here in Enniscorthy Credit Union is
12.6% APR.
Speaking about the ethical lending approach of Enniscorthy Credit Union, Liam Waters, Acting Manager said: “We are saying to all consumers in the Wexford area who need to borrow to do so prudently this Christmas and to avoid getting into a vicious cycle of debt by using moneylenders. At Enniscorthy Credit Union, we offer a Christmas loan with an APR rate of 12.6%. Our staff are happy to work with members to come to a repayment schedule that works best for their individual circumstances.”
Liam continues “Our aim in Enniscorthy Credit Union is to ensure that all of our members have a stress-free and enjoyable Christmas and that financial worries will be the last thing on their mind.”
Enniscorthy Credit Union have Penny Bank Christmas Savings, which is a great way to plan ahead and save for Christmas 2019. These savings are locked in from January until mid-November and help members put a little aside during the year to help cover the cost of Christmas. If you would like to start one and plan ahead for next year, call in and chat to us about opening one.