Consumers in debt 'have a range of options'

Consumers struggling to meet recent increases in mortgage repayments as well as rising energy and food bills should consider debt consolidation, according to an industry expert.

James Jones, the consumer education manager at Experian, claimed that such a move could help prevent finances from spiralling "out of control".

He said: "People should regularly evaluate their finances. I would recommend regular evaluation, monthly or quarterly.

"Debt consolidation is one of a range of options. I would encourage people to always speak to their lenders if they are struggling to make payments and if they feel the situation is getting out of control."

Recent research by CreditExpert.co.uk found that just 26 per cent of consumers are aware of the amount they need to repay on their loans, while one in ten respondents were clueless on the total debt they have currently accumulated.

Meanwhile, just 20 per cent admit to planning finances once every six months or less.

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