Sunday 24 September 2017

Fans stayed clear of loans for big trip

Charlie Weston Personal Finance Editor

FRUGAL football fans travelling to Poland have raised their own funds for the trip rather than taking out loans from their credit union.

A survey of credit unions across the country shows that only a small number have given out loans for Euro 2012.

This is in stark contrast to Italia 90 and USA 94, when the country's 400-plus credit unions were flooded with applications for loans.

At that time, loans of up to €10,000 were not unusual.

But this time round, many savvy soccer fans signed up for special savings schemes as soon as the Ireland team qualified.

This has seen fans save around €1,500 each to help finance the trip. For those who are borrowing from their credit union, the average taken out was €3,000, a spokesman for the Irish League of Credit Unions said.

"This time, fans are taking a more cautious and sensible approach to the trip," the spokesman said.

"The days of €10,000 loans to fund a football trip are well and truly over," he added.

Irish Independent

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