Consumers urged to pay off loans and mortgages

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Consumers urged to pay off loans and mortgages

Consumers are being urged to repay as much of their mortgages and loans as they can as the economy takes a downturn and credit conditions worsen.

The personal finance website Fool.co.uk says that as economists warn of difficult times ahead consumers should be thinking about their own financial situation and taking steps to improve it.

This involves becoming more financially savvy and getting finances in order by using spare cash to pay off debts so they do not become a millstone around the neck.

David Kuo, head of personal finance at Fool.co.uk, explained that lenders will look more favourably on those who keep up with loan repayments and overpay where possible.

"You need to make sure that your finances are in good shape so that when you do have to go to the bank and borrow money they can see you have more equity in your home and that you are better prepared for the credit crunch," he said.

Fears of a slowdown in the UK economy have been prompted by volatility in the United States. The Bank of England made a 0.25 per cent cut in interest rates in December and it is widely expected to make another in February.
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