Decking the Halls for Christmas? Tis The Season for Our Christmas Loan.
No matter how you celebrate the festive season, be it something low key or whether you go in for all the trimmings, chat to us today about a flexible Christmas loan from a lender who cares. .
At the credit union, we look at things differently:
- Owned by you: Every credit union is owned by its members, the people who save with it and borrow from it
- Local: All decisions are taken at local level in the best interest of all members
- Member service: Credit unions excel in the personal service which they provide to members
- Flexible: You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, all without penalty. Generally there is no minimum loan period.
- Loan protection: Loans are insured by the credit union’s own policy at no direct cost to you. This is designed to pay off a loan in the event of a borrower’s death – subject to terms, conditions and eligibility criteria.
Due to essential system maintenance on 26/08/2018 between the hours of 00:01 and 06:00 – the following services may experience interruption:
- Online Banking
- Mobile App
We apologise for any inconvenience this may cause.
More than one-third (36%) of parents in Ireland say they are getting into debt due to back-to-school costs.
This is an increase on the 29% of parents in the same situation last year, according to figures released by the Irish League of Credit Unions (ILCU) today.
Parents of primary school children are, on average, in debt by €367 – up from €345 in 2017. For secondary school parents, the average debt reported is €443 – compared with €415 last year.
Some 67% of parents surveyed in the national study said back-to-school costs are a financial burden. Almost half (46%) said that costs are their biggest back-to-school worry, well ahead of concerns that children won’t settle in or make friends (15%).
Four in 10 parents said they are under pressure to buy branded goods and other items for their children. This figure was higher for parents of secondary school children with over half (54%) feeling the pressure, compared with 39% of parents of primary school children.
The number of parents saying they will be forced to deny their children certain school items has also increased – rising from 25% in 2017 to 31% this year. Of this group, four in 10 said they cannot afford new school shoes for their children, while seven in 10 said extracurricular activities will be cut from the budget.
Cutting back on food and bills
In general, just over a third of parents said they will have to sacrifice spending on family holidays to meet school costs. Just over one in five (22%) said they will have to cut spending on household bills and 15% said spending on food will have to suffer.
The study found, however, that overall costs have fallen somewhat since last year. Parents said they are spending €999 per primary school child, a €49 decrease on 2017.
For secondary school children, parents said the cost per child has fallen by €22 to €1,379. In general, the decrease was mainly due to a falls in the prices for extracurricular activities, transport and after-school care.
According to parents, the biggest spend for primary school children is again extra-curricular activities at €153 per child, followed by school lunches at €142 and after-school care at €140.
In relation to secondary school students, parents said the most expensive item is again books at €200, followed by uniforms at €179 and school lunches and transport – both costing €175 each.
The ILCU said it’s concerning that of those parents in debt, more than a quarter (27%) said they have turned to a moneylender in an effort to cope with back-to-school costs. This is up from 20% last year.
Of the group in debt, three in 10 said they have borrowed between €400 and €500, while more than a quarter said they had borrowed over €800.
When asked why their preferred option was a moneylender, 46% of this group said they felt they would be guaranteed the money and that the approval processes in banks and credit unions would be more difficult.
Four in 10 parents (42%) said they felt they had no other option because they had a bad credit history. A significant number of people in this group (77%) said they will use a moneylender again this year to cover the back-to-school spend.
Almost seven in 10 parents (69%) said that schools are not doing enough to keep costs down, a decrease from 76% of parents last year. When asked how schools could do more to help in this regard, 32% said reducing the price of books or introducing a book rental scheme, and 22% said the option of generic uniforms or even free uniforms would help.
Commenting on the findings of the survey, Paul Bailey, ILCU Head of Marketing and Communications, said: “Despite the current recovery of our economy, families continue to struggle to cope with the cost of sending their children to school.”
Bailey said it’s “somewhat encouraging” parents are reporting that certain costs have reduced since last year, but at the same time there are “increasing numbers of parents saying they are in debt, and a rise in the numbers saying they are turning to moneylenders”.
He encouraged people to visit their local credit union to discuss their options “even where they feel they have a poor credit history”, rather than turn to a moneylender,
Bailey said moneylenders sometimes charge an annual percentage rate (APR) as high as 188%, based on figures compiled but the Central Bank. He said using them can “lead to a recurring cycle of unnecessary debt and irrational borrowing”.
Credit Unions are rated as the most highly regarded organisations in Ireland for their role in providing trusted financial services to local communities.
That is according to a reputation study by The Reputations Agency. The survey measures the level of trust, respect, admiration and esteem the public has for 100 of the largest, most familiar, and most important organisations in Ireland, along with 25 other reputation indicators.
Previous winners have included An Post, Bord Bia, and Google.
The top 10 companies regarded by the public in Ireland are:
1 – Credit Unions
2 – Kellogg’s
3 – Aldi
4 – Bord Bia
5 – Boots
6 – Tourism Ireland
7 – Toyota
8 – An Post
9 – Dublin Airport
10 – Kerry Group
Charles Murphy, President of the Irish League of Credit Unions said credit unoins are a cornerstone of local communities. “The trust that members place in their local credit union has been earned, and enhanced, by consistent actions that demonstrate a caring, understanding, people-focused approach.
“Credit union personnel take time to get to know their members and to understand their needs,” he said. “Decisions are made at local level, in the best interest of the members of the credit union. Above all else, people feel valued and respected”.
According to the study, this year’s average reputation Pulse score was 66.0 compared to 64.4 in 2017, highlighting an increase in trust and confidence for organisations amongst the public. The study is based on the perceptions of 7,094 members of the public who completed the survey between January 5 and March 5, 2018
The number of organisations studied increased from 50 organisations in 2017 to 100 organisations in 2018. New organisations studied include Communicorp, Samsung, Energia, EirGrid and Gas Networks Ireland and the Olympic Council of Ireland. Public bodies such as An Garda Siochána, the Central Bank of Ireland, and HSE were also included.
Tomorrow Tuesday May 1st is a European Bank Holiday excluding the Republic of Ireland.
Please note on that date any Electronic Fund Transfers will be processed the following day, May 2nd 2018.
Thanks for your patience.