Brennan to clamp down on loan sharks

SOCIAL Affairs Minister Seamus Brennan is to clamp down on loan sharks charging 39% as he revealed 10,000 people on low incomes with debts of €65 million sought help last year.

Mr Brennan launched an outspoken attack on licensed money lenders during an interview on The Political Party on TV3 when he referred to the huge numbers seeking help from the Money Advice and Budgeting Service.

He said he had instructed officials in his department to prepare legislation that would make it illegal to charge such exorbitant rates of interest to low-income families.