In research released earlier this week, just under half of consumers who have taken out personal loans were reported to be open to the thought of taking on more debt in the future. According to a study by Motley Fool, three out of seven respondents claim they would borrow again. And although 60 per cent said they are determined to never take out credit in the future, a quarter believed that they could 'never say never'.

Overall, the typical borrower was reported to have obtained a loan of 7,000 pounds payable repayments over a period of about three years. Although a third of those surveyed are said to have already completed their loans, the research also showed some confusion among those with money still left to pay on how long their repayments will last. Debt consolidation borrowers were reported to believe it will take some 41 months, before clearing what they owed, with the firm suggesting that it actually takes three months' less time for this to happen.

The findings also indicated that the majority of respondents (39 per cent) were looking to borrow as a means of debt consolidation on other forms of credit. With the second highest average amount of money taken out (7,628 pounds - only behind those taking out a loan for business purposes), such consumers were reported to take up to 41 months to pay off their borrowing. Yet, with some 44 per cent said to be open to the idea of taking out another loan in the future, these Britons could be set to face even further financial pressures in later life.

Meanwhile, funding the purchase of a car, motorcycle or another vehicle was reported to account for just over a third (35 per cent) of borrowers' spending intentions as they look to take out a typical amount of 6,570 pounds. Research from the financial services firm showed home improvements to be the third most popular reason to take out a loan at an average of 6,894 pounds, making up 12 per cent of all respondents' spending plans. For both these sets of consumers, 39 per cent were reported to be willing to apply for a loan again at some point.

David Kuo, head of personal finance for the Motley Fool, said: "Borrowing money may seem like a convenient way to plug a hole in your spending plans. But a hole in your budget may be a sign of deeper problems that can often be solved, not by increasing net borrowing but by cutting gross spending". He added that consumers should take the time to consider their full financial options before deciding to get a loan.

Following Mr Kuo's comments, the financial services provider recommended those who do opt to take out a loan should borrow only "the absolute minimum you need" as the more money taken consequently drives the amount of interest payable. Meanwhile, consumers were urged to check the total amount repayable rather than the annual percentage rate (APR) when comparing deals as APRs are said to be possible victims of manipulation. The Motley Fool also suggested that borrowers keep the term of their borrowing as short as possible while ensuring that they are always able to afford their monthly repayments.

However, those who finish making their personal loan payments ahead of schedule were warned that they could be charged with the equivalent of two months' extra interest via early payment penalties. Findings from the firm also indicated that people who choose a variable-rate lending product were advised to prepare their finances sufficiently in advance to cope with a rise in monthly repayments should the Bank of England's monetary policy committee choose to increase the base in the coming months.

Earlier this year, Mr Kuo suggested that although a debt consolidation loan "can be a welcome lifeline" for those struggling with their finances, people should use them wisely. His comments come after research by the financial services firm revealed three in five people who borrow money to reduce their debts into one repayment take out another loan in the future. Meanwhile the typical consolidation loan was reported to be 16,500 pounds, taking some eight years to pay off.