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January 21, 2014updated 21 Jan 2022 8:26am

One-third of Irish consumers rack up €500 credit card debt a month: ILCU survey

One in three Irish adults has a credit card debt of around €500 per month, according to a survey conducted by iReach for Irish League of Credit Unions (ILCU).

By Verdict Staff

One in three Irish adults has a credit card debt of around €500 per month, according to a survey conducted by iReach for Irish League of Credit Unions (ILCU).

The debt is mainly due to people using credit cards to pay their household bills.

According to the survey, which included 1,000 adults, the number of people saying they have nothing left after paying household bills every month has reduced. However, around one-third still use credit cards to pay bills.

The survey also found that the average debt on credit cards now is €2,480, up from €2,400 in September 2013.

ILCU CEO, Kieron Brennan, said with average credit card debt in Ireland currently standing at approximately €2,400, the research shows them that more and more people are relying on their credit card to make ends meet every month.

“We can see that disposable income is continuing the creep upwards and more people now find themselves in a position where they are able to put a small bit away in savings every month and this certainly correlates to what we are seeing across the credit union movement and what our credit unions are telling us,” Brennan added.

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