Consumers 'should make sure their finances are in shape'

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Consumers 'should make sure their finances are in shape'

Mon 28th Jan 2008

Britons should be proactive to make sure they are getting the best deals in the new year, it has been suggested.

David Kuo, head of personal finance at Fool.co.uk, said that it is important that consumers look after themselves and "be a little bit more selfish" with their finances.

Steps recommended by Mr Kuo include paying off loans, making sure savings are in place in case something unforeseen happens and managing mortgage repayments.

"You have to look after yourself and if the banks do cut the interest rates and you are on a tracker rate mortgage, then I would suggest you try and pay off that mortgage at the previously higher repayment levels," he said.

Mr Kuo additionally suggested that people may want to take out mortgage repayment insurance, in case they find themselves out of work.

Concerns have been raised about the possibility of the UK falling into recession, following recent turbulence in the global credit market. The BBC reported that the worldwide stock markets have experienced the worst day since September 11th, 2001.

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