10 June 2007
Borrowers are being urged to treat their finances like their health by working towards improving their financial fitness.
The British Bankers' Association (BBA) suggested this week that consumers looking to go into a bank and ask for a personal loan should assess their financial incomings and outgoings thoroughly before making the appointment with their bank manager.
Angela Knight, Chief Executive of the BBA, said that the organisation is recommending customers take a little time to plan their financial needs, "just as you would consider your physical health".
She continued: "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...This is the clearest indicator of your financial fitness and can help you to plan your financial needs for the future."
Among the questions consumers should ask themselves before applying for a personal loan are whether they pay their credit card balance in full every month, whether they know where and how they borrow money and what plans they already have in place to repay any debt.
Ms Knight also stressed that it was also important to assess whether the consumer needed a long-term or short-term repayment schedule and to really decide whether they would ever be able to fully repay the borrowed amount.
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