Members can drop in to the office for their ‘Credit ReUnion’ in person, or can call up one of the friendly members of staff, and ask about budgeting tips, prudent spending and sensible borrowing over the festive period.
Letterkenny Credit Union is embarking on the pre-Christmas ‘Credit ReUnion’ as part of its ongoing commitment to tailoring services and products to the specific needs of its members.
Commenting on the festive Credit ReUnion, Ciaran Haran, Chairperson of Letterkenny Credit Union, said: “We are looking forward to reconnecting with those we have not seen in a while, and chatting to those members we know well, and offering them any assistance and guidance they might need with budgeting and spending tips for the Christmas period. Our aim is to ensure that all of our members have a stress-free and enjoyable Christmas and that financial worries will be the last thing on their mind.”
Mr Haran also urged anyone who might need to borrow to cope with the financial burden of Christmas to avoid moneylenders at all costs, and to make Letterkenny Credit Union their first point of call.
“We know that many might be tempted to seek out moneylenders this Christmas, but this a potentially very harmful financial decision to make. We find that people can quickly become trapped in a vicious circle where they need to borrow again just to meet loan repayments. Should any of our members, including any of those who have not been active with us for a while, need to borrow a little extra, we would urge them to ask us here at Letterkenny Credit Union about our loans, which are very straightforward and have fair interest rates. There are no penalties for paying a loan back early, nor are there any hidden fees or charges on our loans. Our Christmas loan, for example, is available at an affordable APR rate of 7.2%* and our friendly staff can offer guidance on arranging payments so you don’t have to deal with the headache of repaying the loan months after Christmas.”
Letterkenny Credit Union has lent €66 million to the local community in the past five years. Letterkenny Credit Union is also advising people that they should avoid the temptation to become consumed with the December rush, and has put together its five top tips for sensible spending this Christmas:
1. At Christmas the key to spending within your means and avoiding unnecessary stress is to draw up a spending budget specifically for the festive season. Once you have decided on a budget for the household, and set a limit to your seasonal spending, stick to these limits and you will be well on the road to spending within your means.
2. Once you have your Christmas budget prepared, let this guide your spending. Make a list of what you need to buy every time you plan on hitting the shops, and don’t allow yourself to buy anything that’s not on this list. This way, you are giving yourself the best chance to avoid over-spending.
3. Do your research before you make a purchase; are the goods you want to buy available at a better price somewhere else? If so, then don’t be afraid to ask for a price match – or at the very least ask for a small discount. At worst you will be turned down – or you could get your goods for the best price on the market!
4. Don’t forget to check out your local shops and stores where there is always a great range of good value and good quality gifts.
5. Consider planning a Secret Santa or Kris Kindle with your family and friends. Not only can this be great fun, but it’s also a fantastic way to save without losing the magic of Christmas. Ciaran said “One of the keys to sensible spending at Christmas time is to set a budget for yourself and stick to it. Avoid deciding what to spend once you hit the shops, or you will be very likely to over-spend.
Do your research before you make a purchase and ensure that you are getting the best price possible. And of course don’t forget to shop local, as you can often find some great bargains and some unique gifts in your local stories. Remember, if you need any help with budgeting or spending tips, drop into Letterkenny Credit Union for a friendly chat.”
For further information, please contact loans department on 0749102126 or email loans@letterkennycu. ie
* For a €1,000, 1 year variable interest rate loan with 12 monthly repayments of €86.52, an interest Rate of 6.95%, a representative APR of 7.2%, the total amount payable by the member is €1038.04 Information correct as at 24/09/2019*
