London, U.K., 16 March 2026 – New research* released for Credit Awareness Week reveals a knowledge gap around debt consolidation, stopping many households from making potential savings and taking control of their finances.
Two in three people (65%) with debt say it affects their ability to make important financial decisions, such as building savings or making larger purchases. Yet only 17% feel they understand and know a lot about debt consolidation, despite its ability to simplify repayments and reduce interest costs.
Experian’s latest Financial Inclusion Whitepaper shows that people could save an average of £1,257 a year in interest charges by consolidating unoptimised debt. Wider adoption of debt consolidation technology could also unlock £15.1 billion in household spending and generate £2.1 billion in extra savings annually.
During Credit Awareness Week, Experian is calling for the industry to improve awareness and prioritise the use of debt consolidation tools to support people managing multiple debts.
By bringing multiple debts into one single, manageable monthly payment, consolidation also helps ease the everyday pressures of managing debt. The most common challenges reported by those surveyed were managing cash flow, keeping track of payment dates, risk of missing payments and remembering multiple logins.
Innovations in the market are already helping simplify the process. Experian’s ReFi technology, for example, pays off existing debts directly with creditors and removes ‘double counting,’ so lenders assess only the new loan.
ReFi has already helped settle more than £70 million of consumer debt and contributed to a 68% rise in successful consolidation applications for some lenders over the last year. In addition, recent activity on Experian’s Marketplace shows one in three loan searches is now for debt consolidation and demand in balance transfer cards has risen 8.5% in the past year.**
Edu Castro, Managing Director of Experian Consumer Services UK&I, said: “These findings highlight just how important clarity and confidence are for people managing debt. As an industry, we need to ensure consolidation options are easier to understand and easier to act on. Tools like ReFi already play a key role in helping people access affordable credit, and we’ll keep building on this by using data and AI to deliver even better outcomes for people.”
Kate Pender, CEO of Fair4All Finance said: “Juggling multiple, usually higher-cost debts is exhausting and stands in the way of people living financially secure lives. Where appropriate, debt consolidation lending can be a game changer and can cut the amount of interest people have to pay each month and provide peace of mind through having to manage just one monthly payment.
We want to make sure that products like these are accessible to those who need them most, helping to level the playing field for the millions of households currently feeling the squeeze. Experian's technology to enable consolidation lending - ReFi - is a great enabler of this kind of lending, making it easier for the lender to make life better for the borrower.
Fair4All Finance is thrilled to be supporting lenders to trial adopting this vital technology and we have provided £1million available through Experian to encourage lenders to go further and faster on helping people in financially vulnerable circumstances consolidate debt.”
Now in its ninth year and delivered in partnership with Credit Strategy, Credit Awareness Week continues to champion financial inclusion and consumer confidence, As part of this year’s activity, Experian will join the Credit Strategy Parliamentary Reception at the House of Commons to share insights on debt consolidation innovation and engage with industry and regulatory leaders on key issues such as access to finance.
ENDS
Notes to Editors:
*All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2104 adults. Fieldwork was undertaken between 12th - 13th February 2026. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).
**Data referenced is from Experian’s bureau analysing debt consolidation loan searches on the Experian Marketplace in January 2026.
Media contact:
Vicki Cook, Head of Corporate and B2B PR, Experian UK&I
Tel: +44 7977 798 173 / Email: vicki.cook@experian.com
About Experian:
Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics, and software. We also assist millions of people to realise their financial goals and help them to save time and money.
We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.
We invest in talented people and new advanced technologies to unlock the power of data and to innovate. A FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 25,200 people across 33 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.