People should check their 'financial fitness'
Published On 11 June 2007
People should take the time to make sure their finances - including things like credit cards and homeowner loans - are in proper order, industry experts have advised.The British Bankers' Association (BBA) said that people should endeavour to make sure their finances are "fit for the summer" in the same way they would visit the gym to get physically fit.
Despite the fact that the Bank of England decided last week to keep interest rates at 5.5 per cent, the BBA said that consumers should still get their credit card and mortgages in shape in case there are future rises.
"You can go to your bank and talk through your specific needs just as you would go to a personal trainer and talk through an exercise routine," explained Angela Knight, the BBA's chief executive.
"It is vital that you set aside some time every month to review your bank statement. This is the clearest indicator of your financial fitness and can help you to plan your financial needs for the future."
While the Bank decided not to increase rates last week, a study by Barclays Stockbrokers found that 87 per cent of people believe that interest rates will rise again before the end of the year.
