It works both ways. Want to make a habit stick, make it take minimal time 
Taking a loan out to consolidate can lead to more (a doubling of) debt, unless the cause of that debt addressed. What often happens is that the loan is used to pay off the credit card(s), which the holder then doesn’t destroy, but uses (perhaps on essentials, like food, housing etc.)
e.g. Bob has £5k of debt on his credit card that he’d like to pay off/transfer to a cheaper rate, he’s run up the debt as his income is not sufficient for the lifestyle he wants / his essential spending…
He takes out a loan for £5k - and then pays the required instalments for that… in the meantime he’s not addressed the cause of his debt - so puts spending back on the card, quickly running up another £5k of debt - he then has £10k of debt.
Bob should also definitely not seek to consolidate by increasing a mortgage that he has by the £5k - as he turns that from unsecured debt, to a secured debt.
With the tightening of lending criteria that’s been happening over the last year, there is also no guarantee that a loan will be forthcoming, especially if the debt is a multiple of someone’s monthly income.
What Bob should do if he’s struggling, is to talk to one of the debt charities e.g. stepchange to understand what his options are, and how he can best engage with his creditors.
Wow. It’s a really deep explanation and a great tip, thanks for sharing!
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