A recent survey has revealed that as many as 1 in 7 adults in the UK has turned to debt consolidation in the past three years, in an attempt to try and bring their borrowing and debt under control. Millions of people nation-wide have taken out unsecured loans or re-mortgaged their homes in an attempt to place all their debts in one place, with Scots borrowing an average of ?14,500 - among the highest in the UK.

The survey, which spoke to more than 2500 adults across the country, showed that 36 per cent of those arranging consolidation loans took out an unsecured personal loan, while 15 per cent transferred their debt to a zero-rate credit card. However, 18 per cent opted to add the cost of the debt onto the cost of their home loan by re-mortgaging. Furthermore, the research suggests that up to 360,000 people - around 6 per cent of consolidators - took out a loan in excess of ?50,000.

The research provides a glimpse into the UK's ever-increasing problem with debt. But, while debt consolidation is a good and entirely sensible way to get your finances under control - especially if your debts are with various lenders and at various interest rates - consolidating your debts should be seen as a ?wake up? call towards getting your finances under control.

Debt consolidation involves arranging a single loan to cover all the debts you currently owe - regardless of whether the debt is to your bank, a credit card company or even a debt collection agency, such as . Recent times have shown that most people believe consolidation is a way to continue borrowing, as it has become far too easy for people to consolidate their borrowing into a single loan and continue to borrow. Unfortunately, this strategy often leads to people falling even deeper into debt than they had been previously.

Some financial experts warn that debt consolidation should only be viewed as a last resort, especially if you find your back is really against the wall. They suggest that the threat of serious legal proceedings or the potential loss of the family home should be the only instances where debt consolidation should be considered.

Advertisements on television and in newspapers, all offering easy solutions to escaping the debt trap, might seem tempting to those in financial difficulties. However, debt consolidation only works if you are prepared to curb your spending and work at getting your finances back on track. Debt consolidation may be seen as a quick fix, or an easy solution to debt problems but statistics are now showing that this isn't the case.

If you are considering debt consolidation, it makes excellent sense to research your options beforehand. Many price comparison websites can check the market for debt consolidation loans for you, helping you find the option that best suits your needs.