Clare Households Trapped in Cycle Of High Cost Moneylending

It’s claimed a high number of vulnerable households in Clare are getting trapped in a cycle of borrowing money at high-interest rates, plunging them into debt.

The Society of St Vincent De Paul has written to the Department of Finance, asking it to consider capping the interest rate moneylenders can charge and to bring in rules around advertising.

It wants to see tobacco style warnings on ads, saying that moneylenders should be forced to advertise their loans as “high cost”.


Clare Area President of SVP, Niamh McDonnell has been telling Clare FM’s Fiona Cahill that it’s important that people are aware of the risks involved.