Ease your debt with help of Credit Union

CREDIT Unions are there to help you ease your debt – that is the message from Helen Courtney Power of the Credit Union’s Chapter 23.

She was commenting after findings showed that more than a third of adults carried debt into 2019 and that eight in ten people will bring this debt through from a personal loan.

It was one of a range of findings in an Irish League of Credit Unions-commisioned survey of 1,000 adults, and Ms Courtney Power of Kerry and West Limerick Credit Unions said her group is there to help.

“We are happy to offer guidance on cost-effective ways to clear outstanding loans and debt,” she said.

“Anyone – even if they are not yet a credit union member – is welcome to approach us for assistance, be it for budgeting and savings guidance, or for information on the loans on offer.

“The membership process is quick and convenient, and they can avail of credit union loans and savings services as soon as they become members. We would encourage people to take advantage of a new year to take control of their personal finance and clear any unnecessary debt they have, and we will happily provide them with guidance and assistance in this.”

i-Reach Insights carried out the survey last December and found that 11 per cent of people are carrying debt from third-level education, while five per cent are carrying a business-debt loan.

With interest rates as high as 23 per cent, Ms Courtney Power said there is plenty out there to compound already stressful situations.

On a more positive note, more than a third of those surveyed said they would turn to a family member or partner if a debt became unmanagable, while 19 per cent said they would contact their local Crecit Union in such an event.

Ms Courtney Power said she is willing to offer advice to anyone feeling under pressure or in need of advice, and she can be contacted at either (064) 662 3730 or (087) 451 8000.