More and more Irish families are said to be borrowing from relatives, friends and even sometimes money lenders in an effort to meet the cost of back-to-school for their children.
The Irish League of Credit Unions carried out a survey and found that 36% of families in Ireland are in debt due to the cost of back-to-school.
It’s understood that a vast number of people are now turning to moneylenders to try and cover the extensive cost.
According to RTE, the survey found that the overall costs of back-to-school are falling.
The survey found that parents of primary school children are, on average, in debt of €367 while for secondary school parents, the debt reported is around €443.
When asked why their preferred option was a moneylender, 46% of this group said they felt they would be guaranteed the money and that the approval processes in banks and credit unions would be more difficult.
The cost has decreased by €49 for primary school students and €22 for secondary. It’s understood that the decrease is mainly to falls in the prices for extracurricular activities, transport and after-school care.
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