€1,000 spend on the sacrament of excess
THEY both begin with C and involve debt and excess. As quickly as Christmas comes around, so do the first holy communions. While most families are still paying off the Santa debts, many now have the communions to contend with.
A recent survey showed that increasing numbers of hard-up families are turning to money lenders to pay for their child's big day, with many parents spending as much as €1,000.
The Money Advice and Budgeting Service (MABS) is urging recession-hit families to refrain and set realistic budgets.