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More turning to loan consolidation

A growing number of Brits are turning to consolidation loans in order to handle their finances better, a new study reveals.

Research conducted by independent financial comparison site MoneyExpert.com suggests that soaring levels of consumer debt in the UK have caused 6.5 million people to apply for consolidation loans over the past three years.

An estimated 1.29 people in Britain set up debt consolidation loans of more than £20,000 over the past three years, with younger people most likely to experience debt problems and take out the loans.

Sean Gardner, MoneyExpert chief executive, said: "Anyone who is juggling a range of debts with money owed on credit cards, store cards and loans should be acting to get their debts under control."

With 14 per cent of people in Britain moving debts to a single lender within three years and an 85 per cent rise in homeowner loan applications during the quarter to January 2008, experts are urging consumers to ensure that they keep their future borrowing under control.

Soaring levels of debt, rising interest and increased food, energy and fuel bills are expected to push up the number of people applying for consolidation loans still higher.

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