Debtors looking for better rates for their credit cards or other borrowing may wish to consider a consolidation loan, an expert has commented.

Iain Wrenshall, director of Debt Help UK, said such a loan can help make monthly repayments more affordable for debtors.

"It can also offer financial structure, allowing people that would otherwise struggle with several different commitments to maintain those commitments with a single, and possibly lower, payment," he claimed.

A consolidation loan also helps by giving the debtor confidence that their monthly repayments are affordable, Mr Wrenshall continued.

However, he warned that it is not always ideal to borrow money when trying to get out of debt.

Recent research by online comparison site uSwitch.com revealed that nearly one in four Britons are struggling with debt levels they believe are unmanageable.

It reported that the average British home could save more than £600 over three years by consolidating debt to a loan with a more favourable rate.