C Bank to discuss personal debt at Cmte
07/02/2012 at 17:35
Head of Statistics at the Central Bank, Joe McNeill, will provide a statistical overview on personal non-mortgage debt to the Committee Finance, Public Expenditure and Reform at its meeting tomorrow.
Committee Chairman, Alex White TD said: "Ireland now has one of the highest levels of household debt relative to disposable income in the developed world. The easy availability of cheap credit in the boom years has resulted in a level of personal debt which is strangling people in the current recession as job losses, pay cuts and rising costs take their toll. While, quite rightly, there has been much focus on the issue of mortgage debt, the current level of personal debt is also a problem. To deal with a situation, it is important to quantify it. Tomorrow, we will have a chance to get an in-depth overview of the personal debt situation in Ireland, whether it is term loans, credit card debt, overdrafts or credit union loans. The evidence we will hear tomorrow will help inform a report that the Committee is drafting on personal and household debt."