Instances of high expenditure on Competition Websites observed by our Loans Officers

By Miriam Spelman, ANSAC Marketing & Development Officer:

As your trusted Credit Union, we always have your best interests at heart. That's why we want to bring your attention to a new trend that our Team of Loans Officers have been noticing recently. We have seen a noteable increase in expenditure on Instant Win Competition websites among our members.

These websites may seem harmless at first glance, with enticing taglines like "get involved and have some fun." They offer a wide range of prizes, from football tickets to cash prizes as high as €1,000,000, making it easy to see why they can be so appealing. However, it's important to remember that participating in these competitions can become addictive and we'd always advise members to keep what's affordable to them in the forefront of their thoughts.

While we understand that its fun to enter and dream of big prizes, excessive spending on discretionary items can be a red flag for us. We’ve observed cases where a significant portion of someone's expenditure is going towards these websites. Some individuals may be more susceptible to getting hooked than others so we'd always encourage a bit of self refection if a particular spending habit is becoming excessive.

It's essential for our members to be aware that excessive spending in whatever form it takes can have a negative impact on your ability to access credit through our Credit Union or indeed any credit institution. Whether you’re applying for a loan or seeking an overdraft on your current account, a pattern of excessive spending can raise concerns about your financial stability and responsibility.