Credit card debt in Ireland

25 November 2009

Figures compiled by the Central Bank suggest that Irish consumers are struggling with credit card debt, The Times reports.

The total amount of credit card debt outstanding at the end of September was €2.95bn - up from the €2.94bn outstanding in January. Yet despite borrowers cutting back and clearing €327m more than they spent between January and September, interest charges have caused debts to grow.

Efforts to clear credit card debts `peaked` earlier this year - for example, January saw borrowers repaying €953.6m to the card companies, which was €84.2m more than they spent.

Some financial advisers have said that the figures convey just how difficult it is to repay credit card debt, `with a high proportion of payments servicing the interest` rather than the debts themselves.

Government-sponsored agency Money Advice and Budgeting Service (Mabs) said that in the first nine months of 2009, it received 4,300 requests for help with credit card debts - 61% more than the same period in 2008.

---

Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.

Top of page