Household Debt Is Not Confined To Christmas

Dublin South West TD Seán Crowe said that household debt is not confined to Christmas, but that the festive season can bring the reality of mounting debt into sharp focus. Teachta Crowe was speaking as Sinn Féin launched its proposals on dealing with household debt as part of an ongoing campaign to highlight and address the issue with real solutions.
 
Teachta Crowe said: “Household debt is not confined to Christmas, but the festive season can bring reality of mounting debt into sharp focus. “In recent weeks, as part of our campaign on household debt, many people have been in touch with me and my Sinn Féin colleagues to share their personal stories. “We know that COVID has had a devastating impact on workers and families. Thousands of people have lost their jobs and are now living on vastly reduced incomes yet the same payment obligations and bills remain to be paid. “This income reduction has been compounded by the decision not to reintroduce the mortgage breaks and by recent increases in energy prices.
 
“Organisations at the coalface, such as St Vincent de Paul and Social Justice Ireland, as well as lone parent organisations SPARK and One Family, have also called for government intervention to support families. “Sinn Féin have launched proposals on how the State can support families who are struggling with mounting debt. “These include the establishment of a Rent Arrears Resolution Mechanism within the Residential Tenancies Board to support tenants with rent arrears and ensure that workable arrangements can be put in place between landlords and tenants. “Our proposals also include a cap on the interest rates charges by moneylenders, some of whom are charging up to 288%. We need to put a stop to this.
 
“We also want to transform MABS into a One Stop Shop for debt resolution allowing them to hire and retain Personal Insolvency Practitioners, something they have been calling for in their own Budget submissions since 2017. “Along with this, we also need to see wider access to existing debt supports such as Debt Settlement Arrangements to ensure that people can actually afford to seek support in the first place. “I am mindful that as we approach Christmas, this can be a particularly difficult and worrying time for families.
 “I want them to know that supports are there to help them to manage their debt and I am also conscious that sometimes the supports they need go beyond financial assistance alone.  We must also ensure that adequate mental health supports are also available. “The impact of debt not only weighs on families. It has wider implications for local economies and for the State. The cost of not doing anything about this issue is greater than the cost of dealing with it. I am calling on the government to step up and implement these proposals to support workers and families.” 
 
If you are worried about household debt, please know you are not alone. You can contact the Samaritans on freephone 116 123 or Pieta House on 1800 247247. You can seek financial advice and support confidentially from MABS (Money Advice & Budgeting Service) through their Helpline on 0761072000.