Beware of sub-prime borrowing

Just before I headed off on my Easter holidays last year, I wrote a letter to the Editor of RTE’s Prime Time suggesting that the programme should investigate the growth in the sub-prime lending market in Ireland.

31st March, 2007

Just before I headed off on my Easter holidays last year, I wrote a letter to the Editor of RTE’s Prime Time suggesting that the programme should investigate the growth in the sub-prime lending market in Ireland.

Sub-prime lenders sell expensive loans to poor people, individuals with bad credit histories or those with an irregular income stream. The rates charged on these loans are perfectly legal, but they can be horrendously high. Typically,...

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