Communion season has rolled around again, and while undoubtedly a time for celebration, it can also be a very stressful time for parents, grandparents, and even the children. Financially, the rising cost of clothes, hotels, and entertainment for the big day can put significant financial strain on parents already stretched by their household budget. It is important that families in the local area know that the credit union is here to help - whether it is to set up a savings or budget plan in advance of the big event or to assist families with a small modest loan.
On average, parents spent more than €800 last year on their children's First Holy Communion. This puts huge financial pressure on families, some of whom resort to money lenders or credit cards to tie them over; both of which can charge extremely high interest rates. Quite often, parents can find themselves having to borrow again just to meet loan repayments.
Financially, the rising cost of clothes, hotels, and entertainment for the big day can put significant financial strain on parents attempting to finance their children’s first Holy Communion. In general parents find that clothes are the biggest cost associated with communion. This is backed up by ILCU research, where 64 per cent of parents whose children received their Communion in the past number of years found that clothes were the biggest cost.
Now is a good time for parents to encourage their children to save most of the money given to them for their Communion. This can create a good savings habit and can help for future special occasions like Confirmation.
The great thing about a personal loan at First Choice Credit Union is that there are no hidden fees or transaction charges and credit union interest rates are fair and reasonable and are capped by law. Repayments are calculated on your reducing balance, so you pay less interest with each repayment. Your credit union loan is also insured in the event of your death – subject to terms and conditions - at no direct cost to you. Other lenders charge for this. You can pay off your loan early, make additional lump sum repayments, or increase your regular repayments all without a penalty.
Shane from First Choice Credit Union said; “The ethos of the credit union is simple – we are here to offer friendly, accessible, financial services in the local community through savings and modest loan services. We would urge anyone who is planning for the costs of Communion or confirmation to call in and speak to us. First Choice Credit union offers its members budgeting and savings advice as well as competitive rates on loans.”