2012 brings more fear over money
THE majority of people in Northern Ireland are concerned that 2012 will bring more hardship and greater financial difficulties, the first income tracker carried out in the province by the Irish League of Credit Unions claims today.
As well as revealing that 87 per cent of people have been rationing fuel to heat their homes amid increased fears over fuel bills, the survey reports that 65 per cent of consumers worry 2012 will be more difficult than 2011, with 44 per cent expecting to have less disposable income than 12 months ago.
The risk is a rise in the number of people turning to moneylenders and payday loans, said ILCU board member Rosemary O’Doherty.
“The launch of the tracker is an important initiative by our movement as we identify the issues facing people, including our 409,000 members, in communities across Northern Ireland.
“It is clear that people are expecting a year of new challenges and financial pressures. The fact that people have to turn to high interest loans from moneylenders and payday companies in such large numbers is of particular concern.
“In the case of moneylenders, loans are being offered which are up to 15 times more expensive than those available from local credit unions.
“Payday loan companies are currently quoting loans of £400 over 31 days at a cost of £129 – the same loan from a credit union costs about £4.”
The survey, the first of several planned for Northern Ireland, says the belief that the economic challenges are about to become greater is leaving a quarter of consumers worried about their ability to manage their finances over the next 12 months.
The tracker found that approximately 170,000 people, 12 per cent of all adults have no money left after paying their bills.
Of the 35 per cent of adults (493,000) who have less than five per cent of their income left over after they pay their bills, more than 400,000 worry about their ability to meet unforeseen expenses, while 296,000 fear about coping if income tax or welfare rates were to change.
“In the coming months we will be publishing further trackers which I am sure will contribute to the general debate about the impact the general economic situation is having on people in Northern Ireland,” said Ms O’Doherty.
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Weather for Belfast
Tuesday 29 May 2012
Today
Sunny spells
Temperature: 12 C to 21 C
Wind Speed: 7 mph
Wind direction: South west
Tomorrow
Light showers
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