Sinn Féin Councillor Sandra Duffy has appealed to people in Derry who feel under pressure to take out loans for Christmas to think first and check the small print in their agreement and find out the final amount they will eventually end up paying.
Councillor Sandra Duffy said
Many people are dreading the winter’s months with the onset of increased fuel bills, the whole expense of Christmas and that’s not even taking into consideration all levels of personal debts.
It is important that people budget out the whole cost of Christmas and do not get taken in by companies offering money easy with high interest repayment rates buried in the small print of any agreement.
There have been some worrying stories in recent years that people have got small loans to buy a present or cover food costs only to find in January they could be paying back three and four times the money they borrowed.
If anyone finds that they are overwhelmed by debt it’s important that they are given an opportunity to find a way out of their misery and get their lives back on track. I am calling on those who are burdened by debt to get advice immediately so that help can be applied on getting them into a situation where they are able to manage the problem without causing themselves severe economic hardship.