Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Irish league pushes money lender interest-rate cap
DUBLIN (7/13/12)--The Irish League of Credit Unions (ILCU) is urging Ireland's government to institute an interest-rate cap for payday lenders there.

The majority of "moneylenders," as they are known in Ireland, charge interest rates in excess of a 100% annual percentage rates (APR), with some charging rates as high as 190% APR, according to Western People (July 4).

A survey conducted by the league found that 40% of Irish consumers surveyed have borrowed to pay their household bills in the past 12 months. Of this group, the largest portion rely on financial help from family and friends, 30% rely on a credit union, 10% use a bank and 10% turn to moneylenders.

"With the level of personal indebtedness and financial exclusion in Ireland, there is a real danger of compounding the problem by allowing legal moneylenders to charge excessive rates," said said Kieron Brennan, ILCU CEO.


RSS





print
News Now LiveWire
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
22 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
22 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
1 day ago
You can get your subscription to @cuna 's free, daily, online #creditunion #news service News Now here: http://t.co/YtUejEmAYP
1 day ago
CCUA hosts @TheNASCUS college for #creditunion directors http://t.co/CftpSXDKWx
1 day ago