Teachers’ Union of Ireland Credit Union

More than half of adults in Ireland own a credit card. A substantial six in ten however don’t know what interest rate they pay. This is despite the fact that most credit card owners use their plastic extremely frequently. 

The majority of adults tend to use their cards every month for ad hoc spending, rather than for one-off purchases throughout the year. The findings were revealed in a new, national survey commissioned by the Irish League of Credit Unions (ILCU).

Credit card interest

Close to three quarters of adults in the survey felt that credit card companies don’t do enough to explain how interest rates work. More than two thirds agreed that the general public lacks understanding of how credit card interest works. It’s understandable then that many don’t know where to turn when they can’t figure out why the interest mounts on each credit card bill.

Mr Paul Roche, CEO  says that TUICU can help: “Our friendly staff are always available to talk about complex financial terms and ensure that our members fully understand any financial product they avail of. In fact, we would encourage anyone struggling with their credit card bills to come in to us for a chat and see how we can help. 

Approach us for guidance

“We know there is a worrying lack of knowledge amongst credit card users about both the rate of interest being charged, and how the interest actually works. Part of our ethos at the TUICU is financial education – so anyone struggling to come to grips with credit card interest, or other financial issues, is welcome to approach us for guidance.”

Paul continued: “For those who feel they might rely on their credit card too much, or think they have no other option but to use the card, we would encourage them to speak to us about a credit union loan. Interest rates on our loans are far better value than even the lowest interest rate on a credit card in Ireland. 

“Our loans are approved quickly and terms and conditions are straightforward and transparent, with no hidden fees. Our friendly loan officers are always more than happy to take the time to go through all the finer details with the borrower and ensure they full understand monthly repayments and the total cost of credit.”

Debt consolidation

In addition, TUICU also offers a debt consolidation loan. The product aims to help members refinance high interest debts – and combine all of their debt into a single, straight-forward payment at a fair and reasonable rate.* 

A restructured payment like this can ease the pressure and make it easier for people to get on top of their debt and manage it in a way that suits their everyday lives.


For further information, please contact our office on 01 426 6060.

Online: www.tuicu.ie

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