Cllr Richard Daly of Fine Gael has warned of the dangers of borrowing money from moneylenders who are putting several citizens under severe hardship in the Athy area.
“I have become aware of several people who have come under the clutches of moneylenders who are more than willing to offer money to tide them over the festive period. The money borrowed from these unscrupulous usurers has exorbitant interest rates which can force people to pay 50 per cent interest and I have heard of instances of even higher. This means that for €500 borrowed the repayment is €750 which is ten times higher that what would be the repayment to a Credit Union.
While this money is readily available and almost forced on the customer at their doorstep it leads to hardship and poverty as the only way out of paying the interest is by borrowing more from the same source until they are enslaved by their debt.
To those who are already heavily in debt to the moneylenders they should immediately get in touch with the local MABS which is a free service to help people in confidence with their debt 1890 283438 or www.mabs.ie or contact the local Credit Union. I will gladly assist anybody to make the contact in complete confidence if required.”
“Everybody wants to provide the best at Christmas but borrowing from moneylenders to provide it is not the way. As the recession takes hold people will be more tempted to avail of this handy money and instead of improving their situation it takes the borrower completely into the clutches of the lender” added Cllr Daly.
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