More than six million people have taken on more debt in the past three years in a bid to get their borrowing under control, new research from MoneyExpert.com reveals.

The average consolidation loan is £13,000, the independent financial comparison website says.

Around one in seven adults have turned to debt consolidation to ease their financial problems with unsecured personal loans the most popular choice.

The research provides more evidence of the UK’s personal debt crisis as borrowers struggle to get a grip on their finances.

And MoneyExpert.com warns that as interest rates rise borrowers will feel the pinch even more.

Around 6% of those who have consolidated debts in the past three years have borrowed more than £50,000 – around 360,000 people.

Monthly repayments on a £13,000 personal loan over three years at the lowest unsecured personal loan rate of around 5.9% would be £393.99 a month. Anyone borrowing £50,000 would have to remortgage or take out a secured loan.

And while unsecured personal loans are the most popular choice for consolidating debts many people are piling the extra debt on their mortgages or taking out secured loans against their property with the risk that if they default they could lose their homes.

Sean Gardner, chief executive of MoneyExpert.com, said: “The UK’s debt crisis is a serious concern and borrowers are starting to feel the strain.

“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. Theoretically you can reduce your monthly repayments and make your debts manageable.

“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. There has to be some concern that many people simply see consolidation as a way of keeping on borrowing.”

www.Mortgage-Shop.co.uk Impartial, Independent, Open Market Mortgage Information Online.