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Half will borrow to pay for Christmas as younger people look to moneylenders

The 18-34 age bracket are the most likely to use a moneylender with 12 per cent say they will do so in 2013.

PEOPLE BORROWING MONEY to pay for costs at Christmas will get an average loan of €410 according to a survey published by the Irish League of Credit Unions.

Half of the 1,000 adults surveyed as part of the research said that they expect to borrow money over the Christmas period with 75 per cent saying they were “felt worse” about their financial situation this year compared to last year.

The ILCU are warning about the use of high interest money lenders during the December period with their research indicating that young people are more likely to borrow money from these sources.

“Availing of this type of credit will most certainly put many people in further debt at a time when they can least afford expensive credit,” warns ILCU chief executive Kieron Brennan.

We have called and continue to call on Government to act and introduce a statutory interest rate cap for licensed moneylenders in an effort to regulate the sector.

Men expect to spend more on Christmas than women but are likely to recover quicker financially afterwards. The 18-34 age bracket are the most likely to use a moneylender with 12 per cent say they will do so in 2013.

The survey showed that 7 in 10 consumers will take a month or more to financially recover from the costs of Christmas with 6 per cent of people saying they will still be feeling its financial effect nine months from now.

Average spending

The average spend on Christmas this year is expected to be greater than last year with the survey estimating that Irish people will spend an average of €590 this year as opposed to €527 in 2012.

Irish parents plan on spending an average of €185 on presents for their children, an increase from €170 in 2012.

In provincial terms, those in Ulster are likely to spend the most according to the survey results, spending on average €630 euro, followed by Leinster (excluding Dublin) at €605, Dublin €595, Connaught €590 and Munster €570.

All this spending takes its toll however with 76 per cent of people saying that “Irish people spend too much at Christmas” and 42 per cent admitting that it causes them to feel stress.

Despite this, 60 per cent agree that “there is nothing nicer than a proper Irish Christmas”.

Read: Irish families to spend an average of €894 this Christmas >

Read: Christmas 2013 vs Christmas 2006: how they compare >

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    Mute Darragh O Brien
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    Apr 3rd 2016, 8:24 AM

    Say it ain’t so Leicester , say it ain’t so :(

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    Mute Andhesaid
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    Apr 3rd 2016, 8:31 AM

    If there is truth in this then they must all be banned just like the Russian athletes were. I think Seb Coe must personally lead the charge in this dopping scandal too!

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    Mute Gus Sheridan
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    Apr 3rd 2016, 8:46 AM

    So thats shy Daniel O’Donnel performed so well on Strictly come dancing!

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    Mute Gus Sheridan
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    Apr 3rd 2016, 8:47 AM

    Why……..

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    Mute Jo Buckley
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    Apr 3rd 2016, 10:08 AM

    What a surprise! Not only Italians, Spaniards and Eastern Europeans take performance enhancing drugs. British media always derides these countries for their lack of sportsmanship. A little of humble pie is required.
    Let’s see where this end.

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    Mute John Buckley
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    Apr 3rd 2016, 8:40 AM

    Very bad picture. We could have got a look at that bad Doctor’s face!

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    Mute Mark Noonan
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    Apr 3rd 2016, 12:54 PM

    Arsenal players are innocent in this scandal. There’s no way you can take performance enhancing drugs & only win two trophies in 12 years.

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    Mute Michael Sands
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    Apr 3rd 2016, 1:50 PM
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    Mute William Boyd
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    Apr 3rd 2016, 9:39 AM

    I’d say it would be easier to count the ones who don’t dope in certain sports, I think there is a mindset if I don’t keep up with the Joneses I simply won’t be able to compete at the highest level?.

    This story does have the potential of opening up a Pandora’s box if the media really get their teeth into it?.

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    Mute Davor Niksic
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    Apr 3rd 2016, 11:53 AM

    Where there’s demand, there’s supply.

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    Mute Michael Sands
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    Apr 3rd 2016, 1:50 PM

    Who would have guess that lol…

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    Mute Fiona deFreyne
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    Apr 3rd 2016, 2:22 PM

    Interesting profile of a GP who seems to have a range of treatments which seem almost too good to be true!

    https://www.facebook.com/permalink.php?story_fbid=851175108243732&id=223097867718129

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