Monday 22nd September 2008
Consumers are heading to the internet for advice on dealing with consumer debt, it has been claimed, as soaring living costs and higher mortgage repayments hit household budgets.
According to Just Rees of Leadpoint, recent months have witnessed "increasing numbers of consumers is going online looking for debt advice", with those who are looking found to be facing an average debt of £22,365.
Mr. Rees also predicts that the trend will rise yet further as the impact of the credit crunch continues to spread to consumers in months to come.
News of the findings come as separate research conducted by Moneyfacts.co.uk showed that providers of store cards, which are already one of the most expensive ways to borrow, are hiking rates on their products as Christmas approaches.
The site found that cards from Karen Millen, Oasis and Principles have increased rates by up to 4.3 per cent and now charging 28.9 per cent APR on purchases.
Source: http://www.debtmanagementtoday.co.uk/
