Warning issued on moneylenders over communion

CASH-STRAPPED parents whose children are preparing to celebrate their first holy communion have been warned to be on their guard for moneylenders operating door-to-door.

Watchdogs have told of their concern that moneylenders are targeting low-income families who are struggling.

In some extreme cases, more than one member of the same family are taking out hefty high-interest loans, which they have little chance of being able to repay.

Recent surveys have found first communion celebrations cost an average family over €700 for the day.

But the Money Advice and Budgeting Service (Mabs) has urged hard-up parents to contact them.

Michael Laffey, spokesman for Mabs, said it rivalled Christmas for spending pressures.