As few as one per cent of people in the UK are in ideal financial condition with regards to the products they use, it has been claimed.

The news comes from mortgage lender and financial services provider Abbey, which states the various debt vehicles used by borrowers such as secured loans and credit cards are often not as competitive as they might be.

Research carried out by the firm assessed people's financial fitness in terms of what products were being used, how competitive they were and to what extent consumers were able to seek out the best deals.

It found that nearly all consumers could be in better budgetary shape.

Sue Hayes, director at Abbey, says: "As many gear up to shift the pounds they pile on over the festive period, we would encourage people to review the financial products they hold and shop around to ensure that they are getting the most competitive deal available."

Furthermore, she suggested that conducting an evaluation required effort but that the benefits were "well worth the exertion".

The Motley Fool recently reported that debt consolidation loans were a good way of getting back into a strong financial position, provided borrowers were able to resist building up further debt on cleared borrowing methods.ADNFCR-1287-ID-18390299-ADNFCR

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