Fine Gael TD for Mayo, Michelle Mulherin, has drawn attention to the issue of moneylenders who are charging exorbitant interest rates to members of the public who find themselves in financial difficulty. Deputy Mulherin raised the issue during a recent Dáil debate on financial services.
“I have become increasingly aware of people who are getting into financial difficulty as a result of moneylenders who are charging enormous and unsustainable annual percentage rates (APR ) on their loan.”
Deputy Mulherin said that those who borrow from these moneylenders “are often the most vulnerable in society”. She adds that: “The high interest rates charged only perpetuates the cycle of poverty that many people are caught up in.”
The Fine Gael deputy commended the Money Advice and Budgeting Service, MABS, “For many people it provides invaluable support. MABS is a lifeline for many people and it should be as well resourced as possible.”
