Wednesday 12th March 2008
Britons wishing to avoid becoming "financially overweight" should conduct a financial detox of their outgoings, a UK lender has advised.
According to a study conducted by Lloyds TSB, 46 per cent of Britons are financially overweight - a condition the bank says applies when their debt is much greater than their savings.
Meanwhile, 12 per cent are deemed to be financially obese, a category that means they over-rely on credit to such an extent that they typically spend 25 per cent of their income on unsecured repayment.
However, consumers can avoid slipping into a state of financial ill health by following simple tips which Lloyds TSB has issued, according to Ian Larkin, managing director of consumer banking at the bank.
These include setting a budget and consolidating loans to make repayments more manageable, he said.
Also recommended is being ruthless with spending to cut out unnecessary outgoings, looking at your budget to prioritise debts and consulting your bank, he added.
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