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Tralee Credit Union
TRALEE Credit Union is encouraging parents to talk to them before thinking of using a credit card or a moneylender to deal with the costs of sending children to school.
The Irish League of Credit Unions latest research of its annual Back to School Costs Survey shows the back to school spend at €1,209 per child.
The nationwide survey again shows clearly that school related costs continue to be a financial burden for the majority (72%) of parents with 29% saying they will get into debt because of it.
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One in four say they will be forced to deny their children certain Back to School basics this year because they cannot afford them, while a significant 29% say they will get into debt over the back to school spend.
Commenting on this year’s findings, Helen Courtney Power Chairperson, Chapter 23 – Kerry and West Limerick Credit Unions Marketing Group said; “It is somewhat encouraging to see that more parents than ever are funding the back to school spend through their monthly income, with a fall in the numbers getting into debt. However it’s clear that the back to school spend is still so much of a financial burden on parents that they are forced to deny their children some basic items, as well as sacrifice spending on family holidays and even food. While the rise in numbers using moneylenders was marginal, we would find any increase like this concerning and would really encourage parents to instead talk to their local credit union, where interest rates are fair and capped by law.
She added “We encourage parents who know they will need to borrow, to talk to your credit union before considering a credit card or a moneylender, our interest rates are lower and more affordable. We also ensure that the loan terms are structured in a way to suit every individual situation best”.
