The Money Advice and Budgeting Service (MABS) have said they are very concerned at the reliance of Irish people on legal and illegal moneylenders. Some families use them to keep up with their weekly expenses, while others turn to moneylenders at more expensive times of the year, especially in September when children return to school and December as Christmas approaches.

Some of these moneylenders can charge up to 270% annual interest on the money they lend, while illegal moneylenders can charge up to 400%.  Families who borrow from moneylenders face huge repayments, which they sometimes can’t afford without borrowing more money.

MABS has called for struggling families to come to them before they borrow from a moneylender. They can check to see if families are receiving all the entitlements they are eligible for and inform them of other services that they may not be aware of.

Skibbereen Credit Union offers a free and confidential money managing service to our members. We can help you create a plan to tackle debt problems and take the first step towards financial health. For more information, you can visit our website here, or call us on 028 21883. 

The launch of the 142 registration plate lead to the biggest day in car sales in six years, according to SIMI (Society of the Irish Motor Industry). 4,264 were registered on the first day of 142 registration sales, compared to 1,924 cars on the first day of 132 registration sales.

New car sales were up by 23% in the first half of the year, which is far more than was sold in all of 2013. Cork has seen a 27.5% increase in new car sales in the first six months of 2014 as compared worth the same time in 2013. It is expected that this trend will continue for the second half of the year.

There are many options for financing your new car. If you are considering buying a new car this year, why not borrow from Skibbereen Credit Union. We currently offer a New Car Loan with a rate of 5.99%, which is one of the cheapest rates in the marketplace to own your car. Come into one of our offices in Skibbereen, Schull or Drimoleague to talk to a member of staff, or call us on 028-21883. And don't forget, you can use our Loan Calculator to see your potential repayments or even apply for your loan online.

Christmas is just around the corner and while it is a season of fun and laughter it can also be a difficult time for people financially.

We have a number of budgeting and financial services tools online to help you on your way. Why not use one of our many online calculators for help on budgeting in West Cork. We find more often than not that careful financial planing is the key to keeping out of the red during this Christmas.

If you have any additional queries or need advice on how best to budget this season call to us at Skibbereen Credit Union.

Wishing you all a very Happy Christmas and Best Wishes for the New Year, 2012!