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Moneylenders are 'creeping into middle-income areas', TDs are told


It is estimated that there are more than 380,000 customers of moneylenders in Ireland.
Chair of the Credit Union Advisory Committee, Lorraine Corcoran, told the committee that moneylenders were moving into all sectors of society.
It was not just something associated with a “female with children in rented accommodation. It is creeping into other areas and other sections of society. We see it with ABC1s.”
ABC1 is a term used for a consumer from one of the three higher social and economic groups, which consist of people who have more education and better-paid jobs than those in other groups.
Ms Corcoran added: “It [the activities of moneylenders] is not something we only see in certain areas. It is far more widespread. ....

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Sinn Féin legislation to cap interest rates charged by moneylenders to be considered by Finance Committee - Pearse Doherty TD


Sinn Féin spokesperson on Finance Pearse Doherty TD has called on all parties to work together and support his legislation to cap the interest rates charged by moneylenders. The legislation will be considered by the Finance Committee in January 2021.
At present, moneylenders are permitted to charge extortionate interest rates with APR of up to 187% trapping borrowers who are least able to pay into a cycle of unsustainable debt.
Speaking today at Dáil Leaders’ Questions, Teachta Doherty said:
“For many, Christmas can be a worrying time.
“St Vincent de Paul have described this year’s Annual Appeal as one of the most difficult in their history. ....

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