Step 1: List all your debts

Write down every debt: the lender, the balance, the interest rate, and the minimum monthly payment. If you are unsure of the interest rate, check the latest statement or call the lender.

Total everything up. Seeing the full picture clearly — even if it is uncomfortable — is the foundation of any repayment plan.

Step 2: Build a realistic budget

Work out what money you have available each month after covering essential costs. Even an extra £50-£100 per month makes a significant difference to how long repayment takes.

Use the Ask Fin budget tool to map your income and outgoings and find the maximum amount you can put towards debt each month.

Step 3: Reduce your interest rates

Balance transfer credit cards can move high-interest credit card debt to a 0% introductory rate for 12-24 months. If you can qualify for one, this dramatically reduces the interest cost while you repay.

Debt consolidation loans at a lower rate than your current debts can also reduce total interest. Compare carefully — a lower rate on a longer term may cost more overall.

Step 4: Repayment examples

At £200/month extra repayment on £10,000 at 20% APR: approximately 7 years 6 months. At £300/month: approximately 4 years 5 months. At £500/month: approximately 2 years 7 months. Exact figures depend on your specific interest rate and minimum payments.

Increasing your monthly repayment by even £100 can cut years off your repayment timeline and save thousands in interest.

Step 5: Stay on track

Review your plan quarterly. If your income changes or you get a windfall (tax refund, bonus, birthday money), consider putting it towards your highest-interest debt.

Celebrate milestones — paying off individual debts, reaching the halfway point — to maintain motivation.