Six million Brits opt for debt consolidation loans

This figure equates to around one in seven of the adult population of the UK and the Money Expert research also demonstrates that unsecured borrowing is the most popular kind of loan taken out under these circumstances.

Describing its own findings as further proof of the increasing debt management problems faced by the country at large, the price comparison provider also revealed that the average debt consolidation loan was worth £13,000.

Money Expert’s chief executive Sean Gardener said: “debt consolidation is entirely sensible and a good way to get your finances under control if you owe money to different lenders at varying rates of interest.”

“However it only works if you accept consolidation is a wake-up call to get your borrowing under control and then work to become debt-free,” he continued.

In related news, research from uSwitch revealed that there are now more than 750,000 British women who can be classified as shopoholics.