KENMARE CREDIT UNION WARNS PARENTS NOT TO TURN TO HIGH INTEREST SOURCES OF CREDIT TO FINANCE HOLY COMMUNION
KENMARE CREDIT UNION CAN HELP FAMILIES MANAGE THIS COST
First Holy Communion season is upon us again and financially, this can be a very stressful time for parents. According to mummypages.ie, Mum’s are spending an average of €703 on their child’s Communion. This type of expenditure can put serious pressure on already stretched family finances.
Research carried out by ILCU in the past has highlighted the financial strain put on parents attempting to finance their children’s First Holy Communion. The research showed that parents found clothes and entertainment to be the biggest cost associated with Communion. It also pointed out that 21% of parents were using credit cards to finance some of the costs with a further 12% using moneylenders. These are worrying statistics and Kenmare Credit Union warns parents against turning to high interest sources of finance as they can trap people in a cycle of debt from which it can be very difficult to escape. Instead, Kenmare Credit Union urges parents to speak to them about putting a savings plan in place or taking out a loan.
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For 27 years, Kenmare Credit Union has been at the heart of the community, lending a helping hand to those who need it most. Kenamre Credit Union is a valuable and vital source of financial support to the local community and will continue to serve its members well into the future.
Michael Gavin from Kenmare Credit union said: “The significant cost of first holy communion can put phenomenal pressure on parents. The advice from Kenmare Credit Union is to set a communion spending budget. Parents should plan how much they can afford to spend and stick to it. This will allow families to be in a better position to keep a tight rein on communion costs. Now and again though, we all need a helping hand and at Kenmare Credit Union you will find all the help you need to manage these costs. Whether it is a savings plan or a loan, Kenmare Credit Union will give you the right advice. We are a not for profit organisation offering fair and affordable financial services locally with your best interests at heart. To borrow with Kenmare Credit Union, you must be a member. If you are not already a member, speak to us today about making an applicationor visit our website www.kenmarecreditunion.ie.