Sligo children learn saving is better than illegal money-lending [sligotoday.ie]
- Published: 17 February 2011
Three students of St Edward’s National School in Ballytivnan were recently rewarded for their artistic efforts to get across an important message – saving money is better than illegal borrowing. Paris Sheridan, Ryan Reynolds and Oisin Anderson were the prize winners in the Smart Save poster design competition organised by an action group that works to combat illegal money-lending in Sligo Town.
Communities Against Illegal Money-lending in Sligo (CAILM) comprises a range of organizations who deal with the dire effects of debt and loan sharks in Sligo. Representatives of this group Sligo Credit Union, Sligo Education Centre, MABS and RAPID came together to highlight this issue in primary schools so that children may be encourage to bring the message home and start their own savings habits early. Sligo Credit Union, which visits St Edwards NS every month so children can lodge their pocket money, rewarded the prize winners with a contribution to their Credit Union account and an arts supply voucher was also presented to each winner.
The issue of illegal money-lending is a constant spectre in the lives of low income households in Sligo, and especially when unemployment, dependency and mounting bills are a feature. The illegal money-lenders or loan sharks seem to know the times when struggling parents are most vulnerable such as when there’s back to school, communion, Christmas and new babies to buy for. Their approach is usually friendly and helpful “need a few bob for the new pram?” but behind the smile lies the grim reality – exorbitant interest rates (200%) and non-existent record-keeping that means the client will never be free of the loan shark’s clutches. CAILM members are very aware of the extent of the problem of illegal money-lending and would welcome help in spreading the message that there are alternatives to illegal borrowing.
Full Story: www.sligotoday.ie
