Consumers urged to ‘be selfish’

Consumers in the UK need to become more selfish if they are to shield themselves from the potential economic fallout expected by many observers over the course of this year, it has been claimed.

David Kuo, head of personal finance at Fool.co.uk, has insisted that Britons, many of whom are facing serious debt management difficulties, ought to follow the example set by banks and look out for themselves.

When it comes to finding a good mortgage or personal loan deal, it is important for individuals to make sure that they are in the best financial position they can possibly arrive at, Mr Kuo has also made clear.

“The watchword here is ‘be selfish’ – let the government worry about recession and businesses and you have to look after yourself,” he said.

A report from Sainsbury’s Bank recently estimated that close to 18 per cent of all high street spending in the UK over Christmas was funded through credit card debt.