A debt consolidation loan could be a wise choice for consumers looking to reorganise their existing credit arrangements and get their finances in order.

This is the view of Julia Dallimore, marketing director at Picture Financial, who says that with credit repayments due at different times of the month and at different rates of interest, it can be difficult for loan users to keep track of their borrowing.

She told the BBC that despite the scare stories in the media about spiralling levels of personal debt in the UK, maintaining credit is actually a fact of life for most people.

However she said that while the vast majority of people are comfortable with what they are borrowing and the way in which they are borrowing it, there are some people who are becoming bogged down by a number of different monthly bills.

As such, she said, a debt consolidation loan could be an intelligent choice to help them squeeze all their outgoings into one monthly payment.

"In households with multiple credit repayments coming out on different days in the month, with varying interest rates and charges, managing money can be difficult," she said.

"For people in this situation, freeing up a significant amount of money each month and getting everything in one place is a priority."

Figures show that some 13 million Britons have taken out debt Consolidation Loans.

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