You are here: Home - Saving & Banking - News -

Consumers advised to approach banks

Written by:

The British Bankers’ Association (BBA) has recommended talking to your bank sooner rather than later about any financial concerns brewing in 2008.

Chief executive of the BBA Angela Knight said financial indicators over the past few months have signalled a difficult year in 2008. “The housing market has cooled, with the BBA’s own figures showing mortgage approvals at a historically low level,” she explained.

“High Street sales started before Christmas – even if the picture has been a bit better in the last few days with people snapping up bargains. Council tax and heating bills have gone up and the consequences of the American housing problem – known as the “credit crunch” – still coming though.”

Knight also advised consumers to keep an eye on spending this year, as well as bills. She also said as banks compete for your savings deposits, UK consumers should take advantage of the competitive savings offers available at the moment.

“And, if the worst happens and you get into difficulty, talk to your lender before signing up for ‘get-of-out-debt-free’ scheme you might see advertised as there is no such thing,” she added.

Related Posts


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Consumers cut festive flab not finances

Diets and holidays top the list of New Year priorities for UK consumers, according to the Financial Services Authority (FSA),...