Consumers choose internet for financial guidance

An increasing number of borrowers are looking online for financial advice, it has been revealed.

According to a study by Finance Daily, about three-quarters of the 1,000 people surveyed believe the internet is the best source of information on areas such as secured loans, savings and debt management.

Editor Dale Lovell said: "In a time pressed age the internet is the fastest and easiest way to research financial products.

"I am not surprised that most people would not turn to their local bank for advice on any new products as the advice they offer is always skewed towards their own financial products."

Newspapers were ranked as the second best portal for financial guidance.

Meanwhile, financial advisers were ranked third with 11 per cent, with two per cent of respondents looking to their high street bank as an information resource.

Research released by Credit Action reveals Britons borrow £360 million everyday. Some £324 million is through secured loans such as mortgages, with £36 million via unsecured loans.

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