A Clare Credit Union is advising people to manage expectations this festive season to prevent against exhausting their financial resources before the new year begins.
It follows new research from the Competition and Consumer Protection Commission, which shows the cost of an Irish Christmas is now 1,170 euro, up 14 per cent on last year.
1 in 5 say they’ll borrow to cover the cost of Christmas, with the majority expecting to be in debt for up to 3 months.
Manager of St Francis Credit Union in Ennis, Louis Faye says they traditionally see an uptick in contact from people seeking a payments holiday or loan restructuring in January, but it’s best to take steps now to avoid financial stress in the new year.
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