Bank statements need to be checked thoroughly by those with debt consolidation loans to ensure they do not fall into further financial difficulties.
That is according to the Debt Advice Foundation, which urged consumers to make sure they stay on top of money matters, adding that financial problems "don't simply go away" if they bury their heads in the sand.
It was commenting after research indicated that 51 per cent of people ignore letters that have been sent to them by their banks, while 24 per cent admit to never opening their statements.
David Roger, managing director of the national charity, said: "For anyone who is struggling with their finances, it's even more important to know where you stand; not only to ensure your priority debts are being paid but also because you may be able to identify specific periods during the month that are causing your problems."
He warned that the longer people spend ignoring their financial situation, the worse it will become, due in part to mounting interest and administration charged.
Research by Myvouchercodes.co.uk indicated that 62 per cent of those who ignore bank letters assume that they will be from sales departments trying to get them to sign up to new products and services.
However, six per cent said they ignore letters along with the majority of post, regardless of who has sent it.
One way to reduce debt is to take out a consolidation loan, which allows consumers to roll all their debts into one, more manageable monthly payment. This means that they can clear debts and stop their creditors making unrealistic demands.
For those whose debt problems have become even worse, there are further options available, such as individual voluntary arrangements (IVAs) and bankruptcy.
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