Important: This is general educational information only. If you are struggling with debt, consider speaking with a qualified debt adviser or a reputable debt charity.
Start by understanding what you owe
The first step is to list every debt in one place. Include the balance, APR or interest rate, minimum payment, due date and whether the debt has any promotional rate.
Pay more than the minimum
Minimum payments can keep an account up to date, but they may not reduce the balance quickly. Even a small extra payment can reduce future interest.
Choose a repayment method
Debt snowball:
Focus on the smallest balance first.
Focus on the smallest balance first.
Debt avalanche:
Focus on the highest interest rate first.
Focus on the highest interest rate first.
Fixed overpayment:
Choose an amount above the minimum and pay it consistently each month.
Choose an amount above the minimum and pay it consistently each month.