According to a survey conducted by fool.co.uk, more than half of borrowers who take out debt consolidation loans, end up owing more money.
The website revealed that three out of five people who turn to consolidation loans to assist with repayments go on to wrack up more debt.
Fool.co.uk also found that most people don't take up the chance to repay their loan early, even if they're in the financial position to do so.