Over half of Irish credit card holders (58%) don’t know what interest rate they are paying.
A national survey issued by the Irish League of Credit Unions (ILCU), looked at credit card usage spending habits. Since a similar survey was published last year, there has been no improvement in public awareness of interest rates or spending habits. Over half the Irish population (58%) own a credit card with the majority spending it on adhoc items. Despite this, many are still confused about the rate of interest they are paying.
Of those who said they were aware of the rate they pay, over half believe they are paying less than 10%. In reality credit card interest typically ranges from between 13% to 23% in the Irish market.*
Over two thirds of the population (72%) believe credit card companies in Ireland don’t do enough to explain how these rates work while 70% say Irish consumers are too reliant on this method of lending.
Helen Courtney Power, Business Development, Killarney Credit Union said
“We understand there is still confusion for many people around credit card interest and how that interest is applied. The lack of improvement of public awareness on the issue since last year does concern us. As always, we are open to support members on any queries they might have around managing debt. Our aim in the credit union is to guide and support - and always discover the best possible solution for our members.”
Helen continued “Although we would advocate that people struggling with their finances don’t borrow large amounts if they can help it, we would advise they talk to us about a loan which could help their situation. There is a significant majority of people who say there isn’t enough being done by credit card companies to explain rates – so there’s been no improvement since last year. When it comes to borrowing at the credit union, we provide straightforward and clear information on our loans, which are significantly lower than the lowest credit card interest rate, and which have no hidden fees and charges.”
In addition, Killarney Credit Union also offers a debt consolidation loan. The product aims to help members refinance high interest debts – and combine all of their debt into a single, straightforward payment at a fair and reasonable rate.* A restructured payment like this can ease the pressure and make it easier for people to get on top of their debt and manage it in a way that suits their everyday lives.
Helen continued “As we make decisions locally, we are happy to take the time to get to know the individual circumstances of all of our members, and so we can work with each individual borrower to structure loan repayments in a way that works best for them. To talk more about what loan best might suit their situation, speak with us here at XX Credit Union.”
**Competition and Consumer Protection Commission
** For a €2,000, 2 year variable interest rate loan with 24 monthly repayments of €90.64, an interest Rate of 8%, a representative APR of 8.2%, the total amount payable by the member is €2,179. Information correct as at 10/2/20
Why are the hours changing?
Opening and Closing hours are changing in all 4 Killarney Credit Union branches.
- Footfall Analysis: Based on a thorough analysis of member footfall and transactions in each branch over the past 12 months. This has identified transactional trends in each branch which has helped in planning and developing an appropriate operational hours to suit the changing needs of the credit union.
- Increased Administration: In addition, due to increased reporting and documentation required from the Central Bank of Ireland. Staff are required to undertake further back office functions during hours that where offices are closed to members.
- Changing Member Needs: Due to increased automation of functions such as the loans being repaid by direct debit, online banking and mobile app for transactions and the introduction of current accounts has meant that counter transactions have decreased.
- Staff Meetings/Training: With a larger workforce across 4 branches, there is a necessity to meet more regularly and organise training during office hours, as such we are not open to the public at these times.
The INEC was filled to capacity on Sunday 2rd February where 74 primary school teams from all over South Kerry competed in the annual Killarney Credit Union School Quiz.
St Johns National Schools, Kenmare emerged victorious in the Under 11 category and Gaelscoil Faitleann, Killarney came first in the 11-13 age category, their third year in a row to win the coveted title.
This year, nearly 300 primary school pupils represented in the quiz from schools all over South Kerry. Killarney Credit Union has been hosting the school quiz for over 20 years.
In the Under 11 category, first place went to St Johns National School represented by Tiarnan O Shea, Laura Stauch, Orla O Reilly, Billy Lynch. Second place went to Gaelscoil Faithleann with team members of Amelia Ní Chearbhaill Cheallaigh, Aodhagán O Sulleabháin, Leo Mac Aílín and Siún Ní Mhuiríosa. Third place was awarded to Fossa National School with team members were Ben Kavanagh, Cathal O Halloran, Jack Sheehan and Donncha Kissane O Sullivan. A fourth place went to St Olivers National School represented by Mark Looney, Anna Kate Neeson, Maria Clayton, Jack Culloty.
In the U13 section first place went to Gaelscoil Faithleann represented by Dara Ní Chárthaigh, Muireann Ní Dhonnchú, Senan Mac Coitir, and Lily Ní Churnáin. Second place went to St Olivers National School represented by Colm O Brien, Mark O Shea, Kevin Looney, Conor Regan. The third place position went to Cahir National Schoolm Kenmare with team members Cathal McSwiney, Gaspar Laudran O Connor, Connie Guerin, Yvonne Daly. A fourth place position went to Scoil Bhríde Loreto with team members Laura Healy, Paddy Moore, David Courtney and Fionn McCarthy.
Each participating schools received a gift from Killarney Credit Union and Karena McCarthy, Marketing Officer, Killarney Credit Union stated “We would like thank all those that participated in the quiz this year, for parents, pupils and teachers who attended on the day. Due to the extended number of teams competing this year, we gave a 4th place position to schools. We would also like to acknowledge the staff, management and volunteers who helped out on the day also in correcting, stewarding and adjudication. I would also like to acknowledge the long distances that many schools had to travel on the day and thank them for participating in the quiz she concluded.
Each of the winners received trophies and a perpetual cup will be given to the first placed winning national schools.
The first and second placed winning teams in each category will go on to represent their school at Chapter 23 Kerry and West Limerick Regional Quiz on Sunday 1st March 2020 in Ballyroe House Hotel at 2pm.
Under 11 Winners
Under 13 winners
Invitation to Voluntary Community Groups to submit Entries for the 2020 Awards
The objective of the Kerry Community Awards is to recognise the work of the community and voluntary sector that seeks to improve the Social, Economic, Cultural and Environmental quality of life in our local communities, both urban and rural.
Application to the Kerry Community Awards is in recognition of good practice models of community projects already implemented.
The annual recognition awards ceremony will be held in the Dromhall Hotel, Killarney, on Thursday 7th May, 2020.
Kerry Community Awards are open to all community and voluntary groups based in the county, regardless of size or location.
Winners recieve a monetary prize and trophy.
Kerry Community Awards is supported by Chapter 23 Kerry and West Limerick Credit Unions.