Assess your financial fitness, consumers advised

Paying off a credit card balance in full every month is a sign of good financial management, an industry body has said.

According to the British Bankers’ Association (BBA), keeping credit card
debt in check is a sign of good “financial fitness”.

The body is advising consumers to take the time to review their finances and assess them for fitness in the way that they would assess their bodies.

Likewise, if a person finds that their finances are in bad shape, they should use their bank or financial adviser “just as they would a gym”.

BBA Chief executive Angela Knight told consumers to “ensure your finances are in good shape and you have the right banking and borrowing services in place”.

She added: “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.”

The Bank of England chose not to raise interest rates earlier this month, but have warned that another raise is likely if inflation remains at high levels.

© Adfero Ltd

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