In debt? Here's exactly
what to do next.
Not a generic guide, a practical, step-by-step action plan. Work out your numbers, find your best option, and start paying it down today.
⚡ The 3 things that actually move the needle
Step 1, Know your numbers
What is your debt actually costing you?
Monthly interest
£50
Paying minimums only
50+ yrs
Total interest paid
£213,000
My Debt Action Plan
wiseyields.com, free UK financial tools
Created: 29 October 2026
📊 My Numbers
| Total debt balance | £3,000 |
| Interest rate (APR) | 20% |
| Monthly interest charge | £50 |
| My recommended strategy | See action steps below |
📋 List All My Debts
| Debt name (e.g. Barclaycard) | Balance (£) | APR (%) | Min. payment (£) |
|---|---|---|---|
✅ My Action Checklist
List all debts above, balance, rate, and minimum payment
Identify my highest-rate debt (this costs me the most)
Check eligibility for a 0% balance transfer card (for credit card debt)
Get a consolidation loan quote if I have multiple debts
Set up a direct debit for at least the minimum on every debt
Decide: avalanche (highest rate first) or snowball (smallest balance first)
Set a target date to clear my most expensive debt
Call StepChange (0800 138 1111) if I can't cover minimum payments
📅 My Monthly Progress Tracker
| Month | Balance remaining (£) | Amount paid this month (£) | How I feel ✓ |
|---|---|---|---|
| Month 1 | |||
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📝 Notes
Step 2, Find your best option
Answer 3 quick questions to get a personalised action plan
1. Can you afford your minimum payments each month?
2. What type of debt is causing the most pain?
3. What's your rough credit score?
Talking to your credit card company? Prepare an Income & Expenditure statement
List your income and outgoings, see what you can genuinely afford to offer, then print or save it as a PDF, free, nothing stored.
Not sure how serious it is? Take the 60-second debt test
Six quick questions to check whether your debts are under control, completely anonymous, nothing stored.
Then send your offer with a template letter
Ready-to-send letters, offer a reduced payment, ask for interest to be frozen, or request contact in writing only. Fill in, print or copy.
The full action plan
List everything you owe
Write down every debt, balance, interest rate, and minimum payment. You can't build a plan without this. Our debt payoff calculator lets you add multiple debts and see your total picture.
Stop the bleeding, cut your interest rate
Before paying down debt, try to reduce the rate you're paying. A 0% balance transfer card (for credit cards) or a lower-rate consolidation loan can save you hundreds before you've made a single extra payment.
↑ MoneySavingExpert, free, impartial
Pick a payoff strategy and stick to it
Avalanche: Pay minimums on all debts, throw extra at the highest-rate one first. Saves the most money overall.
Snowball: Pay minimums everywhere, attack the smallest balance first. Builds momentum with quick wins.
Both work, pick the one you'll actually stick to.
Can't make minimum payments? Get free help now
If you're missing payments or about to, don't take out more debt, get free advice first. StepChange and National Debtline are charities (not debt management companies). They can freeze your interest, negotiate with creditors, and help you set up a plan lenders will accept.
↑ Free, confidential, no-judgment advice
Need to talk to someone right now?
