There is far less stigma relating to debt than has historically been the case, an expert claims.

James Falla, managing director of Thomas Charles, notes a greater tendency for Britons to use credit for purchases.

This includes relatively high-value products such as furniture, he says - which could lead consumers to require debt consolidation loans should repayments become untenable.

"I think the stigma around debt, to be honest, is becoming less and less," Mr Falla explains.

"Certainly in the last two years - buy a new sofa on credit and nobody blinks an eyelid."

He adds that individual voluntary arrangements (IVAs), seen by many as an alternative to bankruptcy, often require the equity held in property to be released in order to pay creditors.

And should the IVA fail, the property could be at risk as there would remain a chance of being declared bankrupt.

Debt consolidation loans could be a wiser option for some Britons as they can lower monthly repayments.ADNFCR-1287-ID-18371964-ADNFCR

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