Up to 6.5 million people have been forced to consolidate their debts in the past three years in a bid to keep borrowing under control.
And 1.29 million of them have moved debts of more than £20,000 run up on loans, credit cards, store cards and overdrafts to one lender, the independent financial comparison website says.
The study shows 14 per cent of people have moved debts to one lender in the past three years and it is younger people who are most likely to have consolidated – 23 per cent of 25 to 34-year-olds have moved all borrowing to one lender.