The Burden Of Back To School Costs

The Burden Of Back To School Costs

St. Michael's Credit Union are ready to help with the burden of back to school costs. As children in Mahon and Blackrock enjoy their freedom from school, parents are already preparing to shoulder the burden of the back to school spend which has now averaged €1,209 per child. The latest research by the Irish League of Credit Unions reveals that back to school expenditure continues to increase – and is up 2% on 2016 and over 4% on 2015.

back to school costs

Further information from the Irish League of Credit Union's research on the cost of back to school can be found here.

Parents Needing To Borrow?

With costs this high, it’s not surprising that almost three-quarters of parents say the back to school spend is a financial burden, with 29% saying they will get into debt because of it. A substantial one in four say they will be forced to deny their children basic school items this year because they cannot afford them.

St. Michael's Credit Union has always been on hand to provide financial assistance to parents in Mahon and Blackrock areas as they try to manage these annual costs. Offering a Back to School loan at a very affordable 6.2% APR* rate, St. Michael's Credit Union can ensure that the loan terms are structured in a way to suit every individual situation best. There are no hidden payments or transaction fees, and the loan is less expensive than using a credit card or moneylender.

What Our Manager Had To Say

Speaking about the range of options available at St. Michael's Credit Union to help cover school costs Roland Haussmann, Manager: “With more than a quarter of parents saying the back to school spend will negatively impact on household bills, we understand that this time of year can be stressful for both primary and secondary school parents. We are saying however that there is no need to stress and if parents need a little extra to ease the burden of the school costs, St. Michael's Credit Union is always there to help. We are especially encouraging parents who know they will need to borrow to talk to us first at St. Michael's Credit Union before considering a moneylender or credit card, where the interest rates are significantly higher.”

Roland continued: “Almost six in ten parents will shop online this year in order to cut costs and we would always encourage parents to shop around, both in local shops and online, to see where they can get the best deals. If you do need a loan, pop in to see us at St. Michael's Credit Union and we can talk you through the best option for your circumstances.”

Cost of Finance

For a €600, one year variable interest rate loan with 12 monthly repayments of €51.64, an interest Rate of 6%, a representative APR of  6.2%, the total amount payable by the member is €619.68. Information correct as at 23/08/2017.

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