Brits head online for advice on debt relief

More and more Britons are seeking turning to the internet for information on debt relief plans such as individual voluntary arrangements (IVAs) and debt consolidation, it has been claimed.

Justin Rees of Leadpoint claims that the credit crunch has seen "increasing numbers of consumers going online looking for debt advice" and that this development will become even more marked "as the economy worsens" in months to come.

The change in the way people seek out help with debt relief comes as research conducted by the company found that the average amount of debt held by consumers looking for help stands at £22,365.

Experts predict that the recent merger of HBOS with Lloyds TSB will make conditions harder for debtors with reduced levels of competition among lenders set to result in higher repayment rates being charged on consumers loans, credit cards and mortgages.