As the credit crisis continue to put the consumers under pressure, new figures reveals that a rising number of Britons are looking to get seize their spending which is becoming an increasingly tough task.

In research conducted by Money Expert it was revealed that millions of payments have been missed on several areas of monetary demand over the previous six months, in areas ranging from loans to credit cards. Overall, demands for payment on five million monetary-related bills were revealed to have been skipped in the six months leading up to the end of September. The price comparison site went on to report that during this period of time more than 11 per cent “cash-strapped” consumers have failed in making payments on personal loans, mortgages or credit cards. This critical situation can be solved by taking out debt consolidation loan. This loan combine the numerous of debts of the borrowers into a single monthly instant loans.

Those looking for an effective way to deal with rising cost of living, taking out a debt consolidation loan could prove to be effective. This loan allows the borrower to merge their numerous monetary commitments into a single low-cost monthly repayment.

In having troubles while managing the borrowing commitments, it could well be likely that keeping up with other financial constraints could present a challenge for Britons. Indeed, such areas they may be struggling with in addition to loans, credit cards and mortgages could include utility bills, grocery costs, overdrafts and transport. In order to get rid of the burden of debts, debt consolidation loan may act as a most fruitful way.

However, Money Expert went on to point out that as the current economic climate means more consumers fighting to manage their money, an even higher number of bills may not be paid in the months to come.

It was reported that making mortgage repayments could become an evermore tough task, after Woolwich recently declared that it is to raise rates on their mortgage deals. Money Expert revealed that the firm has increased interest on its three, five and ten-year fixed-rate deals by 0.35 per cent, which means an existing fixed-rate product will find their costs up.

Commenting on the figures, Sean Gardner, director of Money Expert, said: “The credit crisis has put the households under pressure to cope with their financial commitments. Interest rates may have been pushed down through 2008 but increased strains from rising food and energy bills mean consumers are struggling to keep their heads above water.