People urged to take stock of their finances
Thursday, 4 December 2008
by Julie Moore.
Staff at Omagh Independent Advice Service (OIAS) and St Vincent de Paul (SVP) are encouraging the people of Omagh district to 'take stock' of their finances in the midst of the economic crisis, by filling out a financial statement, in order to help them identify where they need tighten their purse strings.
Michael Donnelly, president of St Vincent de Paul, Omagh, has witnessed a large increase in the number of people calling upon their help due to the dreaded 'credit crunch'.
Adding that he believes the crisis 'hasn't reached the bottom yet', Mr Donnelly says that everyone should "sit down and take a look at their budget, and be very honest about it.
“People need to make some changes, if they want to avoid debt. They need to try and put a plan together. It's only when you see it in writing that you really see how much you are spending, and it can be quite a shock."
He adds that people with fixed incomes are potentially those that will suffer most if the price of amenities, such as fuel and food, increases.
“It is hitting a lot of households. It is a talking point for so many people in this area. People are struggling with reductions in working hours, or even redundancies. Banks and credit card companies have a lot to answer for in all of this. People are speculating when this will all be over, but whether it gets better or worse is really anybody's guess."
Repercussions
Money adviser for OIAS, Michele Loughran, says people are now beginning to feel the repercussions of the money borrowing era, that for so long was all to easy.
Said Ms Loughran: "I'm sure if people had been told the consequences of borrowing, they may be would have thought twice about it."
In the here and now however, charities like OIAS and St Vincent de Paul are going to great lengths to ensure people get the best help they can.
Mr Donnelly explains that SVP are encouraging people to 'help themselves' through the likes of a fuel stamp scheme, to help householders budget and save appropriately.
Predicting that the coming months will be a 'big adjustment' for many in the Omagh area, Mr Donnelly said that SVP is teaming up with the Salvation Army and the BBC to run their toy appeal for Christmas.
“We want to make sure that every child gets something at Christmas. So many people rely on the toy appeal. And in the past people have been so generous to the cause. We are trying to provide practical answers to families in need of help."
For further information on how SVP can help, contact the Omagh office on 028 8224 4488.
