Money advice service - Lenders exploit most vulnerable

With the low cost of borrowing, many people have gone deeply into debt and are now turning to the State’s Money Advice and Budgeting Service (MABS) to help them to extricate themselves.

Social Affairs Minister Séamus Brennan plans to spend €14.5 million on services next year. This will be 10% up on 2005.

The service, which was introduced in 1992, now has 60 officers operating around the country and 150 money advisers. One of their main tasks has been to help people who have borrowed from street lenders charging exorbitant rates of interest.