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. 

I think most of us have started our new years resolutions by now. What are yours? Our resolution at Skibbereen credit union is to get West Cork saving for 2012!

We know this is much easier said than done and we are aware January can be a particularly bleak month financially for many people. Whilst saving for the short term and putting your money away for a rainy day to earn some interest whilst still giving you the flexibility to access your money at short notice might be what you are looking for, more and more of us are struggling to put away some of our well earned cash. After all, who knows what tomorrow might bring? We can never be TOO careful with our finances. We know we can't turn water into wine but we certainly feel we can help improve family finances in West Cork with our experience and advice.

So how about you start by putting as little as €1 to €5 away a week? Every little helps and before you know it, you will have a nice little nest egg.

For the best savings advice call in to us at the credit union today to discuss your options and to listen to some expert advice!