Most people who take out a consolidation loan continue building up debts.
Research shows that 28% of British people have taken out a consolidation loan for some or all of their existing borrowing.
Of those, 66% continue to build up more debt, 5% took on a further loan, 12% used their overdraft, 28%increased their debt by using their credit card, and 21% did a mixture of all three.
30% would think about consolidating again, or are already in the process.
It seems that as accustomed as we are to taking on debt, we are struggling to control it.
2 Jan 2008