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Consolidation loans can make sense for some people
People struggling with debt could find a consolidation loan is just what they need, according to a financial expert.
However, David Kuo from Fool.co.uk says "discipline" is needed to ensure it is not just another way of getting into further debt.
He said four in ten people take out a loan to consolidate their debts but research shows a high proportion go on to amass further debt.
The Motley Fool website gives financial advice on a range of topics to two million members and has 600,000 visitors a month.
"Rolling up several expensive debts into one affordable monthly payment can make sense if you are faced with a myriad of claims on your money," said Mr Kuo.
Often people in debt instead enter into an individual voluntary agreement (IVA) to help them cope with their debt.
The Insolvency Service says that while bankruptcy is the statutory alternative to an IVA, it should not be entered into lightly as it can have far-reaching consequences
