A Derry city councillor has urged the public to avoid crippling payday loans this Christmas.
SDLP councillor, Shauna Cusack, says quick financial solutions to meet costs of the festive season will only ruin the rest of the year for many. S
She urged people to think twice before using credit, and to make sure they have a budget in place, based on what they can afford.
Colr Cusack said she is willing to help anyone with their budgeting ahead of the festive season. “With the constant pressure to buy things we don’t need, eat or use and to excessively overindulge over Christmas, people are getting themselves into a cycle of debt which will last long after the festive season and maybe even into the next. Credit cards, bank loans and, even more worryingly, pay day lending services with extortionate interest rates will all be offered as quick financial solutions this season.
“In these difficult times it is tempting to go for the easy option of quick credit, but this will ultimately lead to long term financial hardship for many further down the line.
“I would encourage people make their spending decisions based on affordability. Talk to your friends and family, and give them realistic expectations when it comes to gifts. Christmas is, after all about the thought and not about the price, the people you love and who love you will understand that. For those who can afford it I would encourage them to consider making donations to charities who help those most in need at Christmas,” she said.