The comparison site saw a marked increase in the number of applications for homeowner loans between November 2007 and January 2008 compared to the previous quarter, stemming from difficulties caused by the 'credit crunch.'
In the last three years, close to 6.5 million Britons have been forced to seek out a more cost effective way to manage their borrowing, with 1.29 million consolidating debts in excess of £20,000.
The research showed that younger people are more likely to consolidate debts, with anyone doing so for sums above £20,000 highly likely to have secured a loan against their home.
Sean Gardner, chief executive of MoneyExpert.com, advised: “It is encouraging that so many people have taken action - with average standard credit card rates at 17.01 per cent compared to average unsecured loan rates of 8.44 per cent, it is clear that borrowers can cut their monthly interest bill by moving.
“However it is crucial that borrowers see consolidation as a wake-up call to get debts under control. It shouldn’t be something they keep on doing simply to tide them over from year to year.”
