It seems strange to consider borrowing money to pay off loans - but this solution is probably one of the easiest and most sensible routes to consider when debts are starting to get out of control.

Many of us acquire loans as we move through life. The biggest is probably a mortgage loan for the purchase of our home, but equally we use credit to buy cars, furniture or to fund one off exceptional items such as holidays or marriage expenses. Then, of course, there are the store and credit cards that have a habit of catching up with us at the end of every month.

The challenge comes when either interest rates rise or, as at present, the economy slows and we have fears of losing our jobs, having income reduced through no annual pay increase or reduced working hours. One option, of course, is to take a second job or sell some no longer needed personal possessions. But there is a limit to the amount that can be earned through these means and the debt still keeps growing.

A personal inventory of income and expenditure will soon give a clear picture how big the problem really is. Some debt is hard to quantify since it is easy to only make the minimum monthly payment required - but the interest grows quickly at high rates and the debt balance starts to look much too large to be comfortable.

Before you get out of control and start to default on any loans, take a look at what monthly payment you could afford each month after taking a hard look at reducing your incidental costs (heat, light, food, council tax, petrol etc.). With this sum in mind, take an internet search at the many debt consolidation loan options that are available. If the sum you need to repay is below £10,000, you can probably get an unsecured loan for that amount and be able to pay off all those expensive, short term borrowings for less that your free monthly income. If the amount you need to repay is over £10,000, then you may need to consider a loan that is secured on your home - or even a remortgage through your existing lender for a higher amount.

The aim is to reduce all those bitty payments on high interest borrowings with one single monthly payment off of a single, hopefully lower interest rate, period loan.

Make sure when looking at your existing loans that you calculate in any early redemption penalties or fees. With credit card debt, look at what amount would be needed to clear not only the current balance but also your projected monthly spend on the cards for the next six months. This way, you will not start back into the spiral of growing debt on cards as soon as you have cleared the balance.

There are any number of debt consolidation loan companies that advertise on the internet. Also look at bank loans since those are currently offering competitive rates for those with a previously good credit history.

And that really is the key. The better your credit history and evidence that you have stayed in control of your finances, the better chance you will have of raising credit at low rates and without security. A poor credit history does not preclude you from raising a debt consolidation loan, but expect the interest rate charged and security terms applied to be more stringent.

Debt consolidation loans are a great way to get back into control of debt that has crept up on you from many sources. Once back in control, try to avoid the type of spending that got you to the point where you felt out of control and always try to build in a cushion so you have some spare cash each month to cover unforeseen eventualities. Free advice on all forms of debt is available from any office of the Citizens' Advice Bureau.

Browse a range of useful websites about Debt Consolidation.