Ireland Educates Its Teenagers

Published January 28, 2008, 1:00 a.m. EST

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Updated August 27, 2020, 1:26 a.m. EDT

1 Min Read

KILDARE, Ireland - CUs here have joined a program aimed at educating teens about the dangers of getting involved with certain moneylenders. The problem is considered especially critical in this city, where the local office of the Money Advice and Budgeting Service (MABS) said it has been taking on up to 500 new clients per year, according to the Kildare Nationalist.

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Some 17 moneylenders are licensed to operate locally. A national campaign designed to raise awareness in Ireland is being themed, “Keep the Wolves from the Door” in conjunction with Ireland’s credit unions. Prospective borrowers are being encouraged to look to their CU, first. The campaign is also meant to shine a light on credit cards, which have also become a problem debt for many people. The situation in Ireland is similar to the payday loan/check-casher situation in the U.S., where even small amounts borrowed can balloon into much larger amounts when high interest rates start compounding. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

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