There is greater awareness among consumers of products such as credit cards and loans, it has been claimed.

James Falla, director of Thomas Charles, asserts that many Britons are increasingly aware of the high costs associated with plastic cards.

"The cost in terms of interest rates on credit cards is very, very high - probably the highest of all the types of credit you can go for," he explains.

Mr Falla adds that while debt consolidation loans may be a means of combating this, consumers should remember not to continue borrowing in more expensive ways.

"It's no good just thinking that you can solve your debt problem by just getting a personal loan and then continuing to spend," he advises.

However, he observes that there is more widespread willingness to curb spending in light of the tightened financial environment.

As such, now may be the ideal time for those in a financial crisis to seek a debt consolidation loan.ADNFCR-1287-ID-18346827-ADNFCR

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