Credit unions suffer as consumers pay off debt

The lack of demand among consumers for debt has become a significant problem for the Irish League of Credit Unions, latest figures show.

A combination of lending restrictions introduced by the Central Bank and a move by customers to pay down debts has caused the total loan book for all Irish League of Credit Unions to shrink by more than 10%.

A spokesperson said: “The loan book is down 10.5% year on year as a lack of demand and continued restrictions on lending are impacting credit unions loan books.