Wednesday 19th September, 2007 

Many people who take out debt consolidation loans to get control of their debt problem continue borrowing, according to a moneysupermarket.com survey.

The survey has found that approximately eight million Britons are having problems with debt management. Approximately a two thirds of those who used debt consolidation as a debt management tool borrowed more money. Whilst a third would opt for taking out another debt consolidation loan should their current repayments end up being too expensive.

Moneysupermarket spokes man commented on how debt has become a "curse" of today's society and that many Brits are more "accustomed" to taking on more debt.

However we look at it, the state of the nation's debt management is poor. Having eight million people who think that, after consolidating their debt with another loan, it is a good idea to keep borrowing is a mystery.

Unfortunately, the ease at which the average debt ridden Brit can get hold of money is far too easy. The financial institutions should shoulder most of the responsibility here, as they are making vast fortunes on the back debt misery. Their business plan of giving away money without doing any form of affordability checks to those who cannot afford to pay it back is reckless. However, unless the government compels the financial institutions to lend more responsibly, which will impact on their profits, we will continue to see a raise in the number of people with debt problems.