Saving and investing news
'Be selfish with your money' consumers told
6 February, 2008
People "should take a leaf out of the banks' book and be a little bit more selfish" with their money, one expert has said.
David Kuo, head of personal finance at fool.co.uk, said that consumers should let the government worry about any economic downturn and make sure their own finances are in order.
He suggested a number of measures that people should take to make sure they were prepared for the tough year ahead.
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Kuo said: "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 so that what you are effectively doing is paying off more of your capital."
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Other steps people might want to take were arranging mortgage protection insurance and paying off any unsecured loans they might have, he added.
A sharp drop in the world's stock markets has led to increased fears that the country made be heading towards a recession.
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