To get out of credit card debt efficiently, use the avalanche method: list all your debts by interest rate and pay minimum on all of them, then throw every spare pound at the highest-rate debt first. This minimises total interest paid.
Alternatively the snowball method (paying off smallest balance first regardless of rate) provides psychological wins that keep you motivated. Research shows many people stick to the snowball method better even though it costs slightly more in interest.
Either way, stop accumulating new debt while paying off old debt. Cut up the cards if needed. Call your card providers and ask for a rate reduction — many will lower it, especially for long-standing customers. A balance transfer card with 0% interest for 12-24 months can help if you qualify.
Track every penny using a budgeting app. Finding even £200/month extra to throw at debt makes a massive difference. Cook at home, pause subscriptions, sell things you don't use.
by ayooluwaseun1655
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