Financial health checks recommended for banking customers

Mon, 11 Jun 2007

Banking customers have been urged to consider conducting a financial health check to ensure their income exceeds their outgoings.

Angela Knight, chief executive at the British Bankers' Association, has made the call in the wake of the Bank of England's monetary policy committee's recent decision to hold interest rates.

Now, Ms Knight has argued that it is a good time for consumers to visit a financial advisor to talk through whether they need to cut credit card spending, open an individual savings account or arrange a new personal loan.

And she drew the analogy with people regularly needing to meet up with a personal fitness trainer in order to get into shape for the summer.

"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," she said.

As many personal loan customers may already be aware, the Bank opted to hold the base rate at 5.5 per cent last week.

The move follows on from a recent spate of interest rate hikes, with four quarter-point increases announced in the last 12 months.

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