Steer clear of the loan sharks this Christmas
The Society of St Vincent De Paul has urged people to avoid the temptation of moneylenders this Christmas after a new survey found that families plan to spend an average of €1,500 on presents, food and drink and socialising.
Families with children are most under pressure at this time of the year to cough up for toys, food and seasonal extras, SVP spokesman Jim Walsh remarked.
However they should not spend what they do not have and avoid taking out loans that could prove far too costly.
“There is a huge temptation to get a few hundred euro here and there but by resorting to moneylenders it could lead you into staying with them for a very long time because of their interest rates,” he insisted.
“We would urge people to look for help. The SVP spent €43m on helping families last year – that has doubled since 2008. Mainly people are looking for assistance around issues such as energy, education and food so the upsurge in the economy is not being felt by everybody.”
The charity has consistently complained about the impact of the recession on household budgets. Any benefit granted in the last budget has been swallowed up by additional costs, taxes and charges – including the increase in the PSO levy given to energy companies earning huge profits.
“At this time of the year we do get an upsurge in people looking for extra, mainly for kids. We give very little cash these days, it’s mainly toys or vouchers for food or fuel,” he revealed.
The latest survey on consumer spending found that two thirds of the public intend on keeping their Christmas outlay on a par with 2013, despite upbeat assessments on the state of the economy.
Gifts are set to be the biggest cost at €620, according to the survey by Empathy Research which was commissioned by insurance giant Aviva.
Food and drink will set families back around €340, with socialising set to cost €230.
Home decorations, Christmas crackers and Christmas Day outfits are expected to cost €210.
One fifth of families said they plan to cut back spending on gifts, food and drink while over a quarter of people want to spend less money on decorations and 19% want to cut out buying Christmas Day outfits.
Last Christmas the SVP had a 25% drop in donations during their Christmas appeal, which was blamed on controversy around the salary top-ups for charity bosses.
They launch their 2014 appeal on November 19.