Latest Debt News
Warning issued over moneylender threat
16/12/2005 17:52:00
Limerick politician Peter Power is urging shoppers this Christmas to beware corrupt moneylenders as a way to cope with the financial strain of the festive season.
Mr Power said that hard-up families on low incomes would be tempted to turn to convenient moneylenders but that they should be wary of exorbitant interest rates, the Limerick Post reports.
Some moneylenders offer interest of up to 180 per cent to indebted people who borrow money.
Mr Power said: "In the run-up to Christmas, it is particularly important that people are aware of the threat moneylenders pose. I have met people who were very distressed after their debts spiralled out of control trying to pay off huge interest rates.
"Very often these people may already be in debt to legitimate financial institutions and are declined further loans from banks or credit unions."
He concluded: "Help is out there for people in serious debt. The solution is never the moneylender."
© Adfero Ltd